MGL Descending Trendline Breakout + Pullback Confirmation

📉 Background

The stock was in a strong long-term bearish trend, consistently respecting a descending trendline for several months.

Now, price has decisively broken above the trendline, signaling a potential trend reversal.

✅ What Makes It Interesting?

✔️ Clean breakout above long-term resistance trendline
✔️ Healthy pullback after breakout (no panic selling)
✔️ Breakout zone acting as new support
✔️ RSI showing recovery from lower levels
✔️ Structure shifting from Lower High–Lower Low to possible Higher Low formation

This kind of structure often indicates early accumulation phase.

🎯 Key Levels to Watch

🔹 Immediate Support: 1080 – 1050
🔹 Major Support: 1018
🔹 Immediate Resistance: 1150
🔹 Major Resistance: 1200 – 1220

Sustaining above breakout zone can open upside toward higher resistance levels.

📌 Trading Perspective (Study View)

If price holds above the breakout area and forms a higher low, continuation move becomes more probable.
Failure to hold support may lead to range consolidation.


⚠️ Note

This idea is shared strictly for educational and study purposes only.
Not a buy/sell recommendation. Always manage risk and trade with proper confirmation.