Downside Prevails
Our Pivot: 48
Our Preference: Short Sell MLCF below 46.50 with strict stop loss of 48 and profit target at 44.60 with extension towards 43.57.
Alternate Scenario: Upward penetration of 47.60 will call for 48.30 and 49.50.
NOTE: MCLF is being capped by a horizontal resistance along with a descending trend line and a bearish harami have been formatted on daily chart which would try to push it downward.
Chart with Supports and Resistances:
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