FTSE 250 stock (FTSE MCX) has had one of its hardest fall in recent
times. The market is trying to go upwards but it is too early to go long right
now.
From November 2019 to February 2020, price trudged upwards. However,
there was a massive collapse in March, following a bearish run that started in February.
All the gains the FTSE
had in the past several years
disappeared in a matter of a few weeks!
Price nearly reached the accumulation territory at 12000, and then
bounced upwards, after leaving huge amount of fatalities in its trail. In spite
of the short-term bullish effort, price remains below the EMA 21. The Williams’
% Range period 20 is also pointing upwards.
However, once price crosses above the EMA 21 on the daily chart, closing
above it, that would be a clear bullish signal. By that time, the Williams” %
Range would have reached the overbought territory.
From now going forwards, the outlook for MCX is bullish for the rest of
the year.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Trading realities: Trading realities
No comments:
Post a Comment