MCX – Breakdown After Strong Rally | Bearish Setup Alert

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After a massive uptrend from April to June, MCX formed a distribution zone near the ₹9000 mark. The price consolidated in a narrow range and finally broke down below key support (~₹8745) with strong volume.

🔍 Technical Highlights:

Structure: Distribution after uptrend (UTAD possibility)

Breakdown candle closes below consolidation support

Volume spike confirms selling pressure

Price rejection from the ₹9100 resistance zone

Potential downside projection: ₹4600 (as per range height)

📉 Bearish Bias Active

Breakdown below ₹8745 is a short signal

SL: Above ₹8900 (last swing high)

Targets: ₹7800 → ₹7000
💡 Watch for retests, but this setup suggests possible deeper correction if the structure sustains.

🔻 Momentum fading... Bulls should be cautious.

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