MCX SELL OPPORTUNITY (DAILY TIME FRAME)
MCX STOCK IS TRADING AROUND IT'S ALL TIME HIGH. WE CAN TRADE IT ON SHORT SIDE WITH HARMONIC PATTERN "BEARISH BAT" (AGGRESSIVE APPROACH) OR WITH DOUBLE TOP (CONSERVATIVE APPROACH).
BEARISH BAT PATTERN
SELL ENTRY: INR 1411.90
STOP LOSS: INR 1478.50
TARGET-1: INR 1319.50
TARGET-2: INR 1262.40
DOUBLE TOP FORMATION
CONSERVATIVE TRADERS CAN WAIT FOR RETEST OF IT'S 21-JAN-2020 HIGH AROUND INR 1440 AND AFTER THAT IF MARKET HOLDS THAT HIGH WAIT FOR REVERSAL FOR SHORT ENTRY.
SELL ENTRY: INR 1425-1440
STOP LOSS: INR 50 ABOVE LAST HIGH HELD (SECOND TOP OF FORMATION)
TARGET-1: INR 1320
TARGET-2: INR 1185
BEARISH BAT PATTERN
SELL ENTRY: INR 1411.90
STOP LOSS: INR 1478.50
TARGET-1: INR 1319.50
TARGET-2: INR 1262.40
DOUBLE TOP FORMATION
CONSERVATIVE TRADERS CAN WAIT FOR RETEST OF IT'S 21-JAN-2020 HIGH AROUND INR 1440 AND AFTER THAT IF MARKET HOLDS THAT HIGH WAIT FOR REVERSAL FOR SHORT ENTRY.
SELL ENTRY: INR 1425-1440
STOP LOSS: INR 50 ABOVE LAST HIGH HELD (SECOND TOP OF FORMATION)
TARGET-1: INR 1320
TARGET-2: INR 1185
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