After a consolidation phase, stock enters into a Safe Zone :)
I see a Long opportunity here. Can go long by entering at 781 with SL placed at 765 for targets towards 800/810/815
MCX HAS CLOSED THE DAY WITH PRICE OF 854 TODAY.
FROM THE 15M CHART, THE PRICE TARGET IS ARRIVED AS 910 IN THE COMING DAYS.
PLACING THE STOP LOSS AT 842, ONE MAY ENTER.
AS THE Q1 RESULTS "The Multi Commodity Exchange has reported a near 500 percent growth in consolidated net at Rs 43.70 crore for the June quarter despite a lower 30 percent jump in total income...
Bullish Shark pattern on 2H Chart of MCX. BUY 784-785, SL 779.9. Target(s) - 790, 793.
I started learning Harmonics some days ago and just observing currently, how the price action works here and thereby trying to refine on my Target(s), SL and entry levels.
MCX seems to have completed its consolidation in the lower time frame and is probably heading higher to retest the recent highs, mentioned in the chart. My view is that this is just a short term trade probably a few days and not for investing, yet . Risk/ reward from current levels to target seems to be good.
Multi Commodity Exchange of India Limited (MCX) is a holding company. The Company is engaged in Facilitating Trading, and Clearing and Settlement of Commodity Derivatives. It operates as a commodity futures exchange. It offers its products in various segments, such as Bullion, including Gold, Gold Mini, Gold Petal and Silver; Base Metals, including, Aluminum, Copper, Lead, Nickel and Zinc; Energy, including Crude Oil, Brent Crude Oil and Natural Gas, and Agro Commodities, including Cardamom, Cotton, Crude Palm Oil, Kapas and Mentha Oil. Its MCXCOMDEX is a real-time commodity index based on commodity futures price of an exchange. Other commodity indices developed by the Company include MCXAgri, MCXEnergy and MCXMetal. Its online trading platform is accessible to its members through its trader workstation or computer-to-computer link (CTCL) using multiple connectivity media, including point of presence (POP) connectivity, very small aperture terminal (VSATs) and the Internet.
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MCX
