MCX

I have bought MCX at Rs 1125 level. What should I do: Hold or Exit?

Flash News Investment - - YOUR TECHNICAL PORTFOLIO GUIDE - - Ra­jesh Singh

HOLD MCX WITH STOP LOSS OF RS 1080

MCX is cur­rently trad­ing at Rs 1108. Its 52-week high/low stand at Rs 1420/929.65 made on Oc­to­ber 3, 2016 and Septem­ber 14, 2016 re­spec­tively. Con­sid­er­ing the daily time frame, since Oc­to­ber 2016, the stock is trad­ing in neg­a­tive trend and giv­ing whip­saws af­ter can­dle­stick pat­tern break­outs, be it trend­line break­out on De­cem­ber 9,2016, In­verse H&S break­out on April 7 and Cup and Han­dle break­out on July 21. Cur­rently, the stock is trail­ing near a mul­ti­ple point down­ward slop­ing trend­line level, af­ter a sharp rise from Rs 980 level. It has given a re­sis­tance break­out at Rs 1134 level and is trail­ing near those lev­els. Hence, we sug­gest you to hold the stock with a stop loss of Rs 1080

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