MCX : Wait for trend reversal on log scale

12 Nis 2019

Weekly chart is showing reversal on nomral chart as the price has broken out of falling trend line with volume and moving average cross over (13 EMA crossed 26 EMA to upside). Log scale is showing that price has still not broken out of falling trendline and counter has reversed from the resistance line. 834 stand as a major resistance which must be observed to confirm that counter has started upmove for a longer term. Daily close above 834 would be positive for levels of 930 and 1100 but till the time long term investor should wait and watch