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