From few months stock was trading in a sideways channel, now it has given breakout with good volume.
If we observe short-term chart, stock has already given a symmetrical triangle breakout for which final target is not yet achieved.
We can expect a good upside momentum if price closes above 905.
830-845 levels should act as strong support. Considering the...
MGL is at a crucial point with multiple signs of movement and we are tracking a little ahead, hence it can go up or down basing on the next candlesticks
• 20 EMA crossing 50 EMA from below
• Daily trend is at resistance/supply zone
• Inverted head and shoulder formation can be seen (Chances of going up)
• Descending Broadening Wedge pattern can...
Safe levels To go long on Mahanagar Gas LTD ( MGL ) is still quite far it mas reverse from current levels as well but enter from safe levels is always good.
******whatever charts or levels sharing here or on any other platforms are just for educational purpose only, Not A Recommendation To Buy Or Sell....
MGL took support from this zone again and If the support zone doesn't break MGL may touch the upper yellow line in upcoming Trading sessions.
To motivate me, Please like the idea If you agree with the analysis.
InvestPro India Team
I have posted this in my earlier post for MGL.
Hope you were on the right side today. (14-07-2021)
In starting of today it was a bull trap.
It is always to remember that never chase a long upside or long downside move in stock at the beginning of trade. 85% chances are there that it will reverse.
Though the target was small on...
Today MGL RSI shows bearish divergence. Couldn't break the 1190 resistance levels.
Stock was trading sideways and with a bit higher high formation but the RSI was making lower highs. This is a sign of weakness in stock.
Stock is not ready to go up at this moment. One correction is still required.
Keep tracking of this stock for tomorrow as MGL...
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...
Gas price in market and infra push will make all gas companies drive like crazy in the market, Charts are clearly on breakout levels, something big is coming in this company
my personal tgt 1350 soon sl will 1170