MLCF Maple Leaf Cement Factory Intraday Analysis 7th May 2020

Downside Prevails

Our Pivot: 28.10

Our Preference: Start short selling MLCF below 26.50 and average it out till 27.30 with strict stop loss of 28.10 and profit target at 25.40 and 25.00. 

Alternate Scenario: Upward penetration of 28.10 will call for 28.60.

NOTE: MLCF is being capped by a descending trend line along with a horizontal resistant region.

Hourly Chart with Supports & Resistances: