FTSE 250 index (FTSE:MCX) has been trying hard to go bullish, following the recent big crash that happened in the market as a result of the recent geo-political tensions in the Eastern Europe. The market went seriously bearish in early March 2022 and since then, it has been rallying, till now.
In March, price went briefly below the lower Trendline, and then bounced above it,
also going above the upper Trendline. In April, the index has ranged so far, which
should be a pause before the market goes further northwards.
The RSI period 14 is currently above the
level 50, and it is about going further upwards. That means the outlook on MCX
is bright for this year, and the price could reach the previous distribution territories
at 22,000.00, 23,000.00 and eventually 24,000.00 within the next several
months.
Market Analyst, Trading Signals Provider and
Coach
Teach Yourself Technical Analysis: Teach Yourself Technical Analysis
No comments:
Post a Comment