indiamarketoutlook
Long

MGL Showing signs of strength

NSE:MGL   MAHANAGAR GAS LTD
MGL
CMP 905

In our previous post we had recommended MGL for a buy around 860 for target of 920 and it worked to perfection to the point making a high of 919


https://in.tradingview.com/chart/MGL/a6Y...

Looking at the charts again we observe

- price action holding on to the gap zone between 902-868

- 20 day EMA crossover above 50 day EMA in late November- early December 2018

- thereafter re-test first at 50 day EMA and now we see price holding above 20 day EMA on 2 occasions


Given the set up one may consider to buy at cmp and on dips towards 888 for target of 933 / 965 / 1034 levels

SL if closing below 865


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Take care & safe trading...!!!

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Comment: Slowly and steadily winning the race....

May be Nothing spectacular so far but the ride has been smooth and easy without panic attacks to say the least and importantly The stock has done T1 & T2 quite comfortably


Enjoy the ride &
Happy trading...:-)
Comment: MGL
Cmp 969.50

Consider booking partial profits and trail SL to 928 for balance.

Happy trading...!!!
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