MFSL Approaching Resistance – Bullish Reversal Possible
Max Financial Services Ltd.
The stock is approaching a descending resistance line, which has been tested multiple times, indicating a possible breakout if crossed.
The RSI is at 44.54, suggesting neutral momentum with room for a bullish reversal.
The MACD is showing a bearish crossover, with the histogram in negative territory. However, watch for a potential reversal if the price moves higher.
Immediate support is around ₹870-₹900, which is also the level of the 100 EMA. Resistance is around ₹1050-₹1100, where the descending trendline lies.
Volume has been decreasing, indicating a lack of strong conviction in the recent downward move.
Watch for a breakout above ₹1050 with increased volume for a bullish reversal. If the stock holds above the support zone of ₹870-₹900, it might present a good buying opportunity with a potential target of ₹1100.
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A simple trader, distancing from the fake crowd. Simplifying complexity, I prioritize genuine insights over trends.
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