MGL should continue its journey to the upward, as the correction in completed
Entry : 990 <=> 975 Range
Stoploss : 3% (Closing Basis)
Basic Target: 1200
if you have any queries regarding above idea or any other stock feel free to D'M
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If you have been following us and seeing our coverage on MGL, we have been in it since 860 odd levels...
Link to our previous post
Nothing spectacular here so far but the ride has been smooth and easy without panic...
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
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...
MGL sell Below 834.60
Stoploss - 855
Target - 756
Risk - 2.42% & Reward 9.42%
RR Ratio 1 : 3.90
Reversal or Continuation Pattern
Prices are moving upward, forming higher highs and higher lows, but the price is confined within two lines which get closer together to create a pattern. This indicates a slowing of momentum and it usually precedes a...
We observe a trade pattern here where the stock traded in a channel earlier (highlighted by red colour). And now we see the stock consolidating again in a replica of previous channel.
The idea is to look for buying opportunities near channel bottom, thereby reducing our risk and increasing our reward potential.
If we look at the chart on a longer...