MLCF Maple Leaf Cement Short term Analysis 11th May 2020

Downside Prevails

Our Pivot: 28.60

Our Preference: Short sell MLCF below 26 and average it out till 27.30 with strict stop loss of 28.60 and profit target at 23.40 with extension towards 22.30

Alternate Scenario: Upward penetration of 28.60 will call for 30 & 31.10.

NOTE: MLCF is being capped by a descending trend line on daily and weekly chart mean while weekly momentum indicators have changed their direction towards bearish side.

Weekly Chart with Supports & Resistances: