Downward Channel Broken Volume supported Break RSI > 60 Upper Bollinger Band broken need to wait for momentum in ADX and price completely close outside of Upper Bolinger Band
Thanks for sharing your perspective on MGL - Along with channel breakout, now the stock is on its nearterm resistance - kind of formed a Double Top; plus as highlighted the volume has been decreasing - likely candidate for shorting?
SharemarketRaja
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@mohitkabra, I dont see any double top sir, this stock was trading in range I usually look for double top or double bottom near top or near bottom not range bound, according to Jhon J Murphy
Parasuram
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your forecast is quite safe as you neither give targets nor stop losses.. but it does not work like that way
SharemarketRaja
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@Parasuram, Sir wantedy i dont want to mention entry target stop loss becoz just I want to post my analysis with patterns, otherwise it will become like a tips provider
FYI, I enter at Channel breakout, put SL as Channel mean line, Target 1:2 minimum or based on the momentum I trail move by checking 5 EMA
apart from patterns, I will also confirm with my other setups Bolinger band, RSI, Moving averages, MACD in lower & higher time frames,
if it hit SL also no problem according to my setup I follow 1:2 with probability game, sometimes I try to capture 1:8/13 also from breakouts so if my accuracy is less also fine
shraghu08
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@SharemarketRaja,
HI!
I am holding a long position in MGL.
What Should be my target and stoploss.
Parasuram
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mine is using pivots and price action.. after making new high it should not have come and broken the days low.. it might still go up to 1194 on monday.. but i would not go long
mohitkabra
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@Parasuram, Hi Parasuram, I am also of the same opinion that it might actually be a short candidate basis the double top it has created
Parasuram
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it might go down
SharemarketRaja
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@Parasuram, Sir Reason can u pls explain ur analysis why u think like that , as per Price action as per my analysis Channel breakout with volume
SharemarketRaja
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@Parasuram, Until it closes below 20 EMA i don't think it will go down sir
Thanks for sharing your perspective on MGL - Along with channel breakout, now the stock is on its nearterm resistance - kind of formed a Double Top; plus as highlighted the volume has been decreasing - likely candidate for shorting?