After the breakout of the ascending triangle pattern in this stock, we have seen correction up to the breakout level which is acting as support. Can go long if sustain above 1130 for 1197+ target in upcoming trading sessions.
MGL chart indicates the important trend-line.
There were two ocassions when the trendline was crossed over, once on the upside and once on the down side. On both occasions the moves were pretty decisive.
Now, MGL is back at that trend-line and this time from the down side which means it's a possible resistance.
Keep this on radar and trade the direction....
MGL still getting struggle to move up one point need to focus . In the day chart MGL try to record on H&S pattern also one important point is 972 to 955 zone still now gap is ther my view the stock to try to fill the gap and came to 0.618 level which is around 920..
The whole gas distribution companies are starting a bull run. So either MGL or IGL, hope everybody can make a lot of money with them
Avoid the stock if a big gap up or gap down is seen
Enter after the breakout happens and not before it
Do not chase the market, i.e., do not get involved in late entries
Only enter with strict stop-loss and target
IGL has been consolidating in the 480-500 Range for last few weeks and it has very well shown the strong support in the 480 range .
if IGL moves above 510 on CLB with good volumes then a it would be a good candidate for a long position above 510 with SL @ 480
#Please consult your RA or Investment/portfolio advisor before taking any trade and do follow correct...
In the daily chart, we can clearly see that MGL has formed a cup and handle pattern and ready to break that pattern. My target will be 1150. Take long positions guys, we will definitely achieve our target.