Downside Prevails
Our Pivot: 45.20
Our Preference: Start short selling MLCF on breakout of 43.00 with strict stop loss of 45.20 & profit target at 40 & 36.60
Alternate Scenario: Upward penetration of 45.20 will call for 47 and 47..60.
NOTE: MLCF is trying to penetrate its daily triangle in downward direction and if it would succeed in doing so then next targets would be 40 and 36.60.
Daily Chart with Supports & Resistances:
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