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MCX triangle breakout soon

MCX triangle breakout soon Multi Commodity Exchange (MCX) will soon form a Triangle breakout. Since September 2016, the Multi Commodity Exchange has been in a downtrend. Atlease 8 times the price has tested the Resistance line but last time (Last weeks) the price crossed the line but went down again. It could indicate weakness on the Resistance line and a future breakout. Last week, the price broke through Resistance line but was not able to hold the price as Sellers were stronger than Buyers. Now the Price is below Resistance line again and right now testing MA100 line. Both Support line and Resistance line are very strong and have not been crossed before now. The price has rejected the Support line 4 times and the Resistance line 8 times. I expect the price to cross MA100 line and the price might test support line again at around 1015-1020. After that we maybe see MCX triangle breakout soon as the support line and resistance line will soon meet and the price need to deside it's future direction. Also the MACD Signal line indicate a bearish market if the MACD Signal line will cross MACD line - which can happens today or tomorrow. Furthermore we are crossing a very strong area (purple line) which have worked as support and resistance areas many times before during the last year. It is impossible to predict when the price will cross breakout, but we will see MCX triangle breakout soon, so be prepared to go long or short when it happens. If you have profit on this Security, then consider to close the trade and wait for breakout and invest again. This way, your profit will not be lost if the direction goes against you. Better be safe than sorry. MCX triangle breakout soon

Wish you good and safe trading. Please check our Technical Analyse of the Nifty Index here Read the full article