News could be aboundand the charts will reveal. Buying on an assumption of imminent yes a pure gamble. Think about it, if there wa news abound, the first in would be the instos. We've seen t in ton, in far, in knl. You will c it in MRF. there is news due in terms of the mining license. At the moment we have seen the big boys extit on volume on Tues. Who else do you think was feeding into the frenzy. On moderate volume further decline in SP. Now what you want is to c a sign of re-entering the market in some stability and range trading. That is the game. My normal rule is if this holds and selling dries up with buying pressure and rise in SP, it is a good indicator especially in the high res zones where the natural inclination is to sell and a good place for instos to tart capping. If then it starts proceeding thru these levels at whatever volume and isn't rejected then it is a very good sign that something is abound. Refer to Ton as an example. This is the case with most stocks esp in this end of the market where speculation and hype is a key driver. So lets first wait for some stability. then some volume uptick and attempts at capping before we get excited. MRF is currently declining. It is going down. The first area for support testing is 7.4/75. The low 7s could provide. Then many other lines of support follow but MRF has been historically one of low volume so these lines cant be relied upon to provide the necessary volume of support. So confirmation of a turnaround is seriously required. All the best with this week. An article in the age to keep in mind of.
