Timeframe: Daily
Based on our previous analysis, NSE MRF has been showing signs of forming an impulsive cycle starting from 81380. The price successfully completed impulsive wave C of wave (4) and is now on the verge of breaking the wave B, which would confirm the continuation of the upward move. Furthermore, the price is currently trading above the 50-day, 100-day, and 200-day exponential moving averages, indicating a bullish sentiment in the market. The RSI (Relative Strength Index) for MRF has also crossed the overbought threshold of 70 and reached a value of 70.91. Its a good opportunity to trade specialist breakout method.Continue reading
