FTSE 250 stock (FTSE:MCX) has become ready for a strong bullish movement. The bullish attempts have particularly been made in recent times, as further pushes were rejected around the supply level at 20,000.0, followed by bearish corrections, followed by bullish effort.
This time around, the bullish effort is going to succeed and price will break the supply level at 20,000.o to the upside.
While the ADX period 14 is below the level 20, revealing poor momentum in the market, the DM+ is above the DM-, showing that bulls hold sway. The MACD default parameters, just has its signal lines and histogram crossing the zero line to the upside. Once this process is followed up, there would be a strong Bullish Confirmation Pattern in the market, which would eventually lead to further bullish movement.
This stock is supposed to reach the supply level at 30,000.0 before the end of this year. This is the minimum target.
Trading realities: Trading realities
CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).
This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.