Downside Prevails
Our Pivot: 28.60
Our Preference: Short sell MLCF below 26 and average it out till 27.30 with strict stop loss of 28.60 and profit target at 23.40 with extension towards 22.30
Alternate Scenario: Upward penetration of 28.60 will call for 30 & 31.10.
NOTE: MLCF is being capped by a descending trend line on daily and weekly chart mean while weekly momentum indicators have changed their direction towards bearish side.
Weekly Chart with Supports & Resistances:
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