MCX - Doubt Every Up Move: Strong Resistance (3300 - 3250)The bullish trend of MCX seems to be exhausted. It looks like the bulls are afraid, and the bears are taking charge.
Probable Scenario Analysis:
(1) Bullish Scenario:
There is no observable bullish scenario. Don't think of bullish trade unless the price breaks out above the level 3300. Thus, doubt every up move.
(2) Bearish Scenario:
Presently, the price is in a bearish trend. If the price stays below 3200, then the probable bearish targets are - 3150 and 3100. Level 3100 would act as a strong support. Next, if the price decisively trades below the level 3100, then the probable bearish targets would be - 3050 and 3000.
(3) No Trading Zone (NTZ): (3300 - 3200).
Top-Down Analysis:
(1) Monthly TF:
A green spinning top candle above a bullish marubozu candle of the previous month. There is selling pressure, but bullishness is intact. Level 3500 is strong resistance. Level 3000 is a strong support. Now, level 3250 is a very strong resistance . The view is bullish to trend exhaustion.
(2) Weekly TF:
A red marubozu candle made below the red shooting star candle of the previous month. Level 3300 is a strong resistance. Do not think of bullish trade execution unless the price trades above 3300. Level 3000 is a strong support. However, the higher-highs and lower-lows structure is still intact. The view is bullish to trend exhaustion.
(3) Daily TF:
MCX is showing signs of trend exhaustion. Level 3300 is a strong resistance. Level 3000 is a strong support. There is a high probability for the price to reach 3000 and take support . Doubt every up move. The view is short-term bearish till level 3000.
(4) 30-minute TF:
There is a clear lower-lows and lower-highs structure in the chart. The zone (3300 - 3250) is a strong resistance zone. Doubt every Up Move. Possible strong support regions are - 3100 and 3000. The view is bearish.
NOTE:
(i) All the analysis would fail in the case of a major gap up, gap down, or price structure anomaly. Thus, practice PRAGMATISM in the live session.
(ii) Trade only if there is a setup. Remember, not trading is an extension of the trading activity. Always PRACTICE RISK MANAGEMENT. Always PROTECT your CAPITAL. Be RESPONSIBLE.
(iii) Be Strategic. Be Courageous. Be Patient. Be Wise.
(iv) Mark your points. Trade your points. Price is GOD. Anything can happen in the markets. Therefore, trade what you see, not what you believe.
(v) Every day is a new day. Thus, do not carry the baggage of past successes or failures. Always trade from a new perspective. The joy of trading should drive effectiveness, not fear or greed. Believe in Possibilities.
Happy Trading!
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