You can go long since the weekly and monthly trend is seem to be bullish
Buy Range 880-960 Target 1085 ....It may test 880 before going up view 3 months
Note: This is for educational purpose only. There is a bearish breakout from wedge pattern as well as lower support level. This is supported by high volume. RSI is below 40 which adds to the bearish momentum.
I have added all the details in the charts please comment anything other than that.
MGL BUY ABOVE 1090 SL 1065 TARGET 1105-1125 MGL SELL BELOW 1040 SL 1065 TARGET 1020-998 My views are for educational purposes please ask your financial advisory before trading
Technical Trade - MGL reclaimed 50dma and 200 dma recently and since then it has been well. Currently, the price is around 61.8 retracement and today close looks constructive. Nifty is down 200 points but MGL has closed strong with 233% above average volume. If the price continues to move up with good volume, i will enter between 1058-1065
Red areas are exit point and green was entry and do trailing stop
Long Mahanagar Gas above 1075 for the Target. Target 1: 1149 Target 2: 1239 Stoploss: 1055
Current levels may act as a resistance... if sustains above more upside possible or else can be watched to initiate a short