MLCF Maple Leaf Cement Intraday Analysis 10 Jan. 2019

Downside Prevails

Our Pivot: 48

Our Preference: Short Sell MLCF below 46.50 with strict stop loss of 48 and profit target at 44.60 with extension towards 43.57.

Alternate Scenario: Upward penetration of 47.60 will call for 48.30 and 49.50.

NOTE: MCLF is being capped by  a horizontal resistance along with a descending trend line and a bearish harami  have been formatted on daily chart which would try to push it downward.

Chart with Supports and Resistances: