MRF has broken out of a high degree downtrend and is consolidating above the UTL (of the entire move down). Any move above the UTL (of the current consolidation) could be a good entry point for holding it till a target to new highs. This is in continuation of the previous post on MRF, in case that was missed (link attached).
The fib levels would act as support. So the up move could start from one of them or from the long term downward sloping trendlines of the downtrend.
The fib levels would act as support. So the up move could start from one of them or from the long term downward sloping trendlines of the downtrend.
Comment:
A move below the swing low of 33,630 would negate the above setup.
