🚀 MMTC: Range Breakout Setup Backed by Multi-Signal Confirmation

$MMTC MMTC has been consolidating in a well-defined range for nearly a year and is now approaching a crucial resistance zone around ₹72. The current price action suggests that a decisive breakout could trigger the next leg of the uptrend. 📈 Technical View 1. Elliott Wave Structure After a prolonged corrective phase from the 2024 highs, MMTC appears to have completed a broad Wave-2 correction. The recent higher lows and improving momentum indicate the early stages of a potential Wave-3 advance, which is typically the strongest and fastest phase of an Elliott Wave cycle. A breakout above the consolidation range could confirm the continuation of this bullish structure. 2. MACD Momentum Divergence During the final phase of consolidation, price revisited lower zones while momentum weakened less aggressively. This behavior indicates a bullish momentum divergence, suggesting selling pressure has been gradually exhausted. Momentum is now turning positive, supporting the breakout attempt. MMTC's technical setup is supported by improving business fundamentals: ✅ Asset-light business model with strong operating leverage. ✅ Healthy balance sheet and low financial stress. ✅ Attractive return ratios, including strong ROCE trends. ✅ Profitability recovery and improving earnings visibility. ✅ Strategic position in commodity and trade-related businesses. 🎯 What to Watch Immediate Resistance: ₹72–73 zone Breakout Confirmation: Strong weekly close above resistance with volume expansion. Potential Upside Zone: ₹85–90 in the initial leg after breakout. Risk Management: Failure to sustain above the breakout zone could lead to continued range-bound movement.