MGL Breakout
Updated
A Good breakout can be observed and after trying multiple times MGL has come out of resistance zone with good volume .
A Positional trade can be taken with a potential of ~20% Profit.
Entry can be taken at support(earlier resistance) @ 986 confirming it's not a false breakout.
Exit can be made @ 1234
A Positional trade can be taken with a potential of ~20% Profit.
Entry can be taken at support(earlier resistance) @ 986 confirming it's not a false breakout.
Exit can be made @ 1234
Note
MGL has made a pullback on it's support level.But since past 3 trading sessions a strong selling is observed.
The Breakout can be confirmed in the coming 1 or 2 days if the stock makes an upside movement confirming that it was not a false breakout.
This was the 4th attempt of MGL for breaking out of the resistance zone the probability of making a upside movement is high.
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