The stock $MCX is current market price is 2730.0. It broke out from the 2200–2300 levels and went on a relentless high-momentum rally. By mid-May, the stock peaked at around the 3400 level. This steep climb showed heavy accumulation and very strong buyer dominance in the market. Crucial Support 2600 – 2650 every time the price dips near 2600, buyers step back in to support the stock. If you look closely this level previously acted as a minor resistance back in March and April. Immediate Resistance 2850 – 2900 On the upside every bounce is getting sold into near the 2850–2900 zone. Sellers are aggressively defending this area preventing the stock from moving higher. Short-term holders it is crucial to maintain your current positions with a strict daily closing stop-loss around the 2600 to 2654 support zone to protect against further downside risk. Since the stock is currently in a consolidation phase and facing a negative short-term trend with strong resistance near 2815 fresh buyers should avoid jumping in right away. Instead new long positions should only be initiated if the price clearly breaks out and gives a strong daily close above the 2815 to 2900 resistance levels.

#TechnicalViews#EquityResearch#MacroViews#WatchOutFor

1,050 likes·60 comments