- This stock gave a wonderful return of 5542% since it was listed.
- The MMC Stock has been trading at an all-time high.
- It gave a breakout after a year-long consolidation.
What the MMC Stock Has Witnessed Since Its Listing?
Since listing, the MMC stock gave a wonderful return of more than 5500%. That’s a wonderful return over the period. The stock is currently on an upward trend and making higher highs. It is a good sign for investors. The stock has shown only three
bad phases to investors, once during the 2008 global financial crisis, once during the Covid-19 Pandemic time, and then a consolidation after 2021.
So on a larger note, this stock never witnessed any major red flags in its fundamentals.
Technical Analysis on a 1-Week Time Frame
On a weekly time frame, the stock is in a very strong uptrend. It recently crossed important levels where the stock was consolidating for more than a year. The price is trading way above the three important EMA levels i.e. 50, 100, and 200 EMAs. These are placed at $147.04, $ 165.66, and $176.35 levels respectively.
The important support is now placed at $176 – $183 Levels and the price may face rejection from the recent highs.
Technical Analysis on 1-day Time Frame
On a daily time frame, the MMC stock price is forming a strong bearish candle. It shows that there is some profit booking happening at the present level. However, the stock is in a strong uptrend, it can take support near the previous swing low or from the EMAs.
This stock is trading above all the three EMA i,e 50, 100, and 200, which are placed at $177.46, $182.69, and $187.39 levels respectively.
Price may come down to retest the breakout levels to check how strong the buyers are at those levels.
Technical Analysis on a 1-hour Time Frame
In the 1 hour time frame, the price is trading below its 50 EMA and 100 EMA levels. It seems like the stock may approach its 200 EMA. The strong demand area is located near the $187 level. It can help the stock in showing some reversal from those levels. Its 200 EMA can also provide some support to the price.
Conclusion
As the price is in a strong uptrend, its chances of going higher are pretty high. However, we should wait for some levels to cross i.e. the high made by the stock recently at the $ 197.79 level.
If the price takes support from 200 EMA without testing the lower support levels, it can lead to another rally. Otherwise, the MMC stock can react differently if those buyers are challenged again.
Past performance
1 week- – (1 .0 ) %
1 month- 0. 99 %
1 year – 17. 74 %
Technical Levels
- Resistance level: $ 198
- Support: $183 – $177
DISCLAIMER-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.