MCX trade ideas
MCX Breakout for Upside MomentumLong if it breaks the high of the previous day with a stop loss at the previous day's low.
In case of gap up above the previous day's high or gap down below the previous day's low, please avoid buying it or selling it respectively. Follow the ending of the candle formed in first 5 minutes and follow ORB strategy.
MCX LongAlthough market conditions are not favorable right now despite that stock is showing strength in a weak market. Buy as per your risk appetite.
Initiate a Long Trade on MCXInitiate a Long trade on MCX, from 823, SL @ 816, Targets (1) 830, (2) 838, (3) 845, (4) 849, (5) 858, (6) 864
MCX - buy SL 750. Waves hint Next move up should be explosiveIf wave counts right a iii of 3 or C coming up soon
Short MCX @ 798 With 814 SL and 780/ 750 targetsTraders could short mcx with above mentioned targets.
If gap down, dont short immediately.
MCXStock has been facing resistance from trendline; also on Weekly chart stock has failed to cross RSI 60 for past 18 months;
If market sentiments remain week tomorrow as NIFTY is also facing resistance at 11,400. MCX should see a sharp fall SL 890 - 1st target 846
Risk - 1) News on merger with NSE 2) MCX has been showing strong volume so quaterly results were strong. SL should be tight in case of breakout
MCX - Short IdeaShort: 822
CBSL: 847
Target: 772
It has made a Doji in the supply zone, Short if the previous candle is broken.
MCX Short trade MCX looking weak on charts and looking to go further downwards . Earnings of MCX were bad and Q1 profit declined by 72 % .Short position on MCX can be taken taken once it breaks 790 with a stop loss of 820 .
#MCX CASH : GOOD SELL ONLY BELOW 800#MCX CASH
(18 JULY 2018)
LOOKS WEAK BELOW 800
STOPLOSS 812
TARGET 790-792/782/772
CMP 810
