MCX: Coiling Inside a Symmetrical Triangle – Breakout or Breakdo
MCX is trading inside a well-defined symmetrical triangle, with price approaching the apex. Volatility has compressed significantly, indicating that a decisive move is likely in the coming weeks.
🟢 Support: ₹2,600–2,620 (rising trendline). This is the key level bulls must defend.
🔴 Resistance: ₹2,780–2,850 (falling trendline). A daily/weekly close above ₹2,850 would confirm a bullish breakout.
🎯 Upside Targets after breakout: ₹3,100 → ₹3,300 → ₹3,450.
⚠️ Breakdown Risk: A close below ₹2,600 could trigger a decline towards ₹2,400–2,450.
📉 RSI (~43): Neutral to slightly weak, showing momentum has cooled but is not oversold.
🎯 Verdict
This is not a fresh buy inside the triangle. Wait for confirmation. Above ₹2,850, the probability shifts strongly in favor of the bulls. Below ₹2,600, the setup turns bearish. Until then, expect range-bound movement. -
🟢 Support: ₹2,600–2,620 (rising trendline). This is the key level bulls must defend.
🔴 Resistance: ₹2,780–2,850 (falling trendline). A daily/weekly close above ₹2,850 would confirm a bullish breakout.
🎯 Upside Targets after breakout: ₹3,100 → ₹3,300 → ₹3,450.
⚠️ Breakdown Risk: A close below ₹2,600 could trigger a decline towards ₹2,400–2,450.
📉 RSI (~43): Neutral to slightly weak, showing momentum has cooled but is not oversold.
🎯 Verdict
This is not a fresh buy inside the triangle. Wait for confirmation. Above ₹2,850, the probability shifts strongly in favor of the bulls. Below ₹2,600, the setup turns bearish. Until then, expect range-bound movement. -
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.