All important zones marked on chart very clearly, you can easily identify the support and resistance levels of MGL it faced over the time period. My personal view is for upside breakout but will wait for the confirmation as markets moves with setup and price action not on our thinking and mindset.
So even I am expecting MGL to move upside till 1230-1250 before this month expiry if overall market supports but still I will rely on the price action and strictly follows the same and enter only if it moves in either direction and giving us the breakout of one of the trendlines.
This is my personal view and might doesn't work for you or even for me therefore consult and review before entering taking any trade and also glad to hear your view for this setup or anything which i missed out in the setup.
@Akashyadav92, If 1150 support is broken then 1110 is a strong support and that depends on market... Second wave of Corona and inflation.
Akashyadav92
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@shraghu2010, Yes, if 1150 is broken MGL might move till 1090 which might act as support.
shraghu2010
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@Akashyadav92, Now do you think MGL will retest 1090 support tomorrow if market falls again or can we go long @1120-1230.
Akashyadav92
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@shraghu2010, as per charts it will hit 1080-90 only if again moves below 1120-25 and for entering upper side we had to wait till 1150 is mot crossed!
shraghu2010
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@Akashyadav92, A good fall from 1180 to 1092...in just 2 trading days... Do you think it will take support @1090 to take positional call tomorrow or will fall to 1050 - 1060 levels.
shraghu2010
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@Akashyadav92, I saw lots of short position yesterday around 12%...and yet trader's were shorting today too.