From a purely technical perspective, it appears there maybe a strong confluence of fib support levels between (approx) .77 to .79 - this may explain the recent bounce of 78 ... I am frustrated I missed it
on a daily basis and just at a glance there appears to be some probabilistic opportunity around that price
depending on the candle and the close, if that support can hold, then she can capitalise on any good news from there and build momentum up ....
The only time to be worried is when you look at the company from a fundamental perspective and if that looks bad. Apart from the derivatives risk which they need to hedge out, the company is sound and the risks at nifty are well mitigated for the moment! So if you are a long term holder and trade the dips, I see these technical adjustments as more of an opportunity to average down as they say!
MLX Price at posting:
82.0¢ Sentiment: Hold Disclosure: Held
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