Vertical Surge Meets Gravity — MCX’s Time to Breathe?

1️⃣ Rising Channel Structure MCX has been riding a well-respected ascending channel. Current weekly candle shows sharp rejection near upper boundary (~₹9,150), a common resistance zone in channels. 2️⃣ Bearish Reaction This week's -9.4% drop signals strong supply pressure. First support zone seen around ₹7,900–₹7,800; breakdown below could test ₹6,995. 3️⃣ Momentum Check RSI cooled from overbought territory; still above 60, suggesting momentum remains intact but needs consolidation. No bearish divergence visible yet, but watch for any RSI breakdown below 60. 4️⃣ Strategy Insight Short-term traders: avoid fresh longs unless price stabilizes above ₹8,500. Positional bias: bullish above channel midline; bearish only on close below ₹6,995. 📢 Disclaimer: For informational purposes only. Not a buy/sell recommendation. Positions may or may not be held. 🧑‍💼 Rajneesh Sharma is a SEBI-registered Research Analyst (INH000020332). 📄 Investments are subject to market risks. Read all related documents carefully.