MFL UNORTHODOX LONG TRADEMFL gave an ERC breakout in Dec 2024 - touching a high of 54.5 but showed SOT shortly and started trading in a downward corrective channel. This steep downward channel is actually a Bull Flag as per Price Action Principles. MFL has shown reversal with supportive Volume Gradient confirmations and upward movement from Golden Ratio Fibonacci retracement. Reversal trades are one of the best R:R trades.
It achieved previously given TP1 at 47.
It is currently in a pullback in spike phase of NEW uptrend. Pull backs in this kind of spike phases are usually shallow and brief. Therefore, it is wise/profitable to accumulate MFL at Current Price (CP) and close of each 1D candle – till it crosses 51.8 again. Profit Taking should be at the culmination of next up-leg.
🚨 TECHNICAL BUY CALL – MFL🚨
🎯 BUY STRATEGY: Buy @ CP (47.1) and close of every 1D candle till it reaches 51.8.
📈 TP1 : Rs. 51.8
📈 TP2 : Rs. 54.6
🛑 STOP LOSS: BELOW Rs. 42.9 (Daily Close)
📊 RISK-REWARD: Medium Conviction | 1:2.64 (tentatively)
Caution: Please buy in 3 parts in buying range. Close at least 50% position size at TP1 and then trail SL to avoid losing incurred profits in case of unforeseen market conditions.
PLEASE BOOST THE IDEA IF YOU FIND IT HELPFUL.
