NSE:MGL
Observation:
1) On Daily time frame It took perfect reversal from 200DMA with good green candle. Now next hurdle for this stock will be 1140-1150 critical zone.
On breakout of this range it will be good bullish till 1200 level. 1200 is another major resistance.
Please refer below chart : daily time frame.
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Hello Traders,
MGL, if closes above its daily average of 1178, then I would enter it for target of 1258. Target can be for 20 trading sessions approx.
Happy Trading!
PS: Do not forget to follow SL as per chart.
MGL have formed upper channel on daily charts which is indicating a positive movement and stock today turned from lower trend line, results are tomorrow one can trade for short term returns
NSE:MGL
I have posted this in my earlier post for MGL.
BearishDivergence.
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...
NSE:MGL
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...
Analysis:
1) Stock is trending upwards with repeated higher lows along with higher highs.
2) MACD histogram divergence has formed which is considered very bullish.
3) Stock is at very strong support from which it has previously taken support and resistance .
Disclaimer: These analysis are only for educational purposes only. You are responsible for your own actions.
1) Today's Closing is second highest closing ever, volumes are not super duper but highest after 26th of May.
2) RSI is in upside mood.
3) MGL is making rounding bottom(clearly in weekly chart)
4) Market Support
Monday Possibility 1) Rounding bottom breakout
2) Lifetime high breakout can not be neglected
MGL
- The stock has short term support at 1180 / 1120 levels
- 1260 is a major hurdle
if MGL manages to close above 1260 on a weekly closing basis, it might signal a breakout and the stock may head towards 1480 / 1720
Pls note, I do have a bias in this stock
(this is my earlier post)
The stock has moved exactly as forecasted in the idea above. Hence you...
Note:
1. Views are personal and for educational purposes only. Recheck and take the trade as per your RR.
2. Always remember SL is your lifeline, not the big target...
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3. Views given here is not a tip rather it is for educational purpose... Aftermarket...
