Trading_hawk

Simple Trade Setup| MGL | 30-08-2021

NSE:MGL   MAHANAGAR GAS LTD
NSE:MGL

Observation:

1) On Daily time frame It took perfect reversal from 200DMA with good green candle. Now next hurdle for this stock will be 1140-1150 critical zone.
On breakout of this range it will be good bullish till 1200 level. 1200 is another major resistance.

Please refer below chart : daily time frame.

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Trade Setup for Date 30-08-2021:

1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.

2) Everything is mentioned on the chart. I hope it is easy to understand.

3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level tomorrow.

Please refer below chart for levels.

Hope I made it easy to understand it.

Do comment your doubt or suggestion.
Trade closed: target reached: