Mcleodrussel
Mcleod Russell - bullish breakout after long consolidationMcleod Russel peaked at around 250 levels in December 2017. Post the 2018 peak, Mcleod's stock price collapsed and made a low of only 1.85 in march 2020. Since then, the stock saw a clear trend reversal and has moved up with the rest of the market peaking at 27.5 in late August 2020.
for the last 8 months, the Mcleod Russel stock has largely been range bound and the stock has consolidated for a very long time between 17-25. This Friday, the stock managed to break out of its 8 month long consolidation/sideways move (represented by the red TL on the chart) with reasonably high volumes.
Mcleod Russel has closed at its post crash high this week and as the chart shows, the stock should keep moving higher for the medium to long term.
Since the stock has seen a huge move in the last few years 250-2 and back to 28...pinpointing targets is a bit of a challenge. The nearest resistance for this stock is the 34-35 level which was a temporary support back in 2019. For further targets, we can utilize Fibonacci retracement levels with the 0.23 fib level coming in at 59.8 which makes an excellent medium to long term target for Mcleod Russel.
Once can go long in Mcleod Russel with a WCB SL of 25.5.
Mcleod Russel - Channel Breakout It is been observed on Daily Chart that the price action breaking out from a downward trending channel consolidation, indication of a bullish move ahead.
Target 1: 171
Target 2: 175
Stoploss: 164
Mcleod Russel: Interesting Price Action Thus FarPrice is in protracted phase of consolidation. Am looking for crossover of the 200-DMA. A subsequent retest of the 200-DMA would make be a willing buyer. Have already bought a token quantity already.
MCLEOD RUSSEL BREAKS RESISTANCE LEVELIt is been observed that the price action breaks above the new resistance level , now it shall further move up to 162 levels and above.
Target: 161
Stoploss: 155
Mcleod Russel - Big Breakout It is been observed on the daily chart that the price action first got into range and then breaks and closes above the range indicated bullish move. And now, the price action breaks above the prevailing long big trendline, indicating buyers in action and control over prices. It shall further move up from the current levels.
Target 1: 150
Target 2: 153
Stoploss: 144
Mcleod Russel Completes Bullish Cypher PatternIt is been observed on the daily chart that the price action completes a bullish Cypher Pattern by reching 78.6% retracement level of (X-C) indicating a bullish move ahead.
Target: 158
Target: 160
Stoploss: 148
Mcleod Russel may see lower levelsNSE:MCLEODRUSS
Mcleod Russel is about to breakdown from its current levels after minor consolidation. Current trend is bearish and it is likely to continue with a momentum building on higher time frame. Trade with caution
Target: 140
stoploss:175
