MLCF Maple Leaf Cement Short Term Analysis 23 Jan. 2019

Downside Prevails

Our Pivot: 44.85

Our Preference: Short Sell MLCF below 43.50 with strict stop loss of 44.85 and profit target at 40.00 with extension towards 38.00.

Alternate Scenario: Upward penetration of 44.85 will call for 45.60 and 46.20.

NOTE: MCLF is being capped by  a horizontal resistance along with a descending trend line.

Chart with Supports and Resistances: