MCX is trading inside a well-defined symmetrical triangle, with price approaching the apex. Volatility has compressed significantly, indicating that a decisive move is likely in the coming weeks.
🟢 Support: ₹2,600–2,620 (rising trendline). This is the key level bulls must defend.
🔴 Resistance: ₹2,780–2,850 (falling trendline). A daily/weekly close above ₹2,850 would confirm a bullish breakout.
🎯 Upside Targets after breakout: ₹3,100 → ₹3,300 → ₹3,450.
⚠️ Breakdown Risk: A close below ₹2,600 could trigger a decline towards ₹2,400–2,450.
📉 RSI (~43): Neutral to slightly weak, showing momentum has cooled but is not oversold.
🎯 Verdict
This is not a fresh buy inside the triangle. Wait for confirmation. Above ₹2,850, the probability shifts strongly in favor of the bulls. Below ₹2,600, the setup turns bearish. Until then, expect range-bound movement. -