FTSE 250 stock (FTSE:MCX) has become ready for a strong bullish movement. The bullish attempts have particularly been made in recent times, as further pushes were rejected around the supply level at 20,000.0, followed by bearish corrections, followed by bullish effort.
This time around, the bullish effort is going to succeed and price will break the supply level at 20,000.o to the upside.
While the ADX period 14 is below the level 20, revealing poor momentum in the market, the DM+ is above the DM-, showing that bulls hold sway. The MACD default parameters, just has its signal lines and histogram crossing the zero line to the upside. Once this process is followed up, there would be a strong Bullish Confirmation Pattern in the market, which would eventually lead to further bullish movement.
This stock is supposed to reach the supply level at 30,000.0 before the end of this year. This is the minimum target.
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