The NSE MSUMI has been experiencing a corrective phase for over 27 weeks, with a notable low of 45.15 before commencing a new impulsive cycle. The current trading range of NSE MSUMI is between the 50 and 20 Daily exponential moving averages.
Presently, the price has completed the extension of impulsive wave 3 at 51.5 and has entered a corrective wave 4, which is taking the form of a triangle pattern. The retracement of wave 4 has hit the common 38.2% level.
If the price surpasses wave D, Traders can initiate trades for targets of + . However, buyers must keep a close watch on 49.5 as a break below it may result in a bearish sentiment, leading to 47.05.