MNM good short candidate.
MNM spot CMP 710.
ELLIOT WAVE STUDY.
Counter have completed it impulse phase of upmove and currently trading in corrective phase ,, if running wave is B of corrective phase,, it can retrace to levels of 61.8% to78.6% of wave A , price wise which is around 730 to 750 levels.
If wave C unfolds from this levels good fall in price can be seen which can lead counter to levels of 640 and 585 also.
Price action if observed , lot of distribution took place in range 730 to 765 levels . around 4-5 doji candle seen around peak price and a breakdown from that zone which confirms distribution in that range.
RSI :- RSI have given breakdown from support of rising trendline and at the moment its retesting breakdown levels,, if it further continue its down trend it can fall to levels of 30 and 20 also,, accordingly fall in price can be seen..
Good short candidate on rise..
ELLIOT WAVE STUDY.
Counter have completed it impulse phase of upmove and currently trading in corrective phase ,, if running wave is B of corrective phase,, it can retrace to levels of 61.8% to78.6% of wave A , price wise which is around 730 to 750 levels.
If wave C unfolds from this levels good fall in price can be seen which can lead counter to levels of 640 and 585 also.
Price action if observed , lot of distribution took place in range 730 to 765 levels . around 4-5 doji candle seen around peak price and a breakdown from that zone which confirms distribution in that range.
RSI :- RSI have given breakdown from support of rising trendline and at the moment its retesting breakdown levels,, if it further continue its down trend it can fall to levels of 30 and 20 also,, accordingly fall in price can be seen..
Good short candidate on rise..
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