December 06, 2016 / 15:38 IST
HDFC Securities' research report on MCX In the Month of September 2016, Stock broke out from the symmetrical triangle on the Monthly chart. Breakout was seen when stock surpassed the resistance of 1150 with significant rise in volumes. After the breakout above 1150, stock reached to the level of 1420 in the same month only. Thereafter in the following two months Stock gradually corrected with relatively lower volumes.
The recent low for the stock is at 1151. This means the earlier resistance from where stock broke out has acted as a support. This whole development indicates that stock is in to a primary uptrend and after a small correction that we saw; now it could resume its upswing.
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