Mcleod 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...
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
Price 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.
It 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
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
It 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
NSE: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
