MCX Revisits Prior Top with Similar Pattern

has slipped 3% to 3,324.9 after forming a Bearish Engulfing candle right at the 3,480 identical/double-top zone. What makes this setup notable is that an almost identical structure played out back in May 2026 — a Bearish Engulfing at the same 3,480 level was followed by a decline of nearly 26% over the following weeks. Price has now rallied back to retest this exact zone and printed the same bearish reversal candle, setting up a case study in whether history repeats. RSI at 56.37 has turned down from a similar zone as before, though it is not yet in bearish territory the way it was during the May decline, which will be an important difference to track. Resistance: 3,480 (identical/double top), Support: 3,200, then 2,980-2,960 (measured levels from the prior similar move). Whether the bears manage to repeat the prior decline or the bulls finally clear the 3,480 double top on a sustained closing basis is the key question this setup raises. A close back above 3,480 would negate the bearish parallel, while sustained weakness below 3,200 would keep the prior playbook in focus. Repeat patterns at the same price level are worth studying, but history rhyming isn't a guarantee — always wait for price to confirm which way it resolves. Disclaimer: This is for educational purposes only and is not investment advice. Please consult your financial advisor before making any investment decisions. SEBI Registered Research Analyst — INH000025212.