MRF "TIME TO SHORT" IN FUTURECurrent levels may reach near 65k or if it breaches may go max level at 70-72k
Volume also very low at right shoulder as compared to left shoulder .....
IN future monthly chart suggest a Short as supported with head and shoulder formation ....
Neckline is bit slant
So possible outcome in future if price breaks 50k level in future ...target price may reach around 30k....
head = 80k , neckline level =30k, so 80 - 50 = 30k as a target price.....
MRF trade ideas
Bullish on MRF (Long term) - Another opportunity to enterMRF has broken out of a high degree downtrend and is consolidating above the UTL (of the entire move down). Any move above the UTL (of the current consolidation) could be a good entry point for holding it till a target to new highs. This is in continuation of the previous post on MRF, in case that was missed (link attached).
The fib levels would act as support. So the up move could start from one of them or from the long term downward sloping trendlines of the downtrend.