As shown in the chart drawing study I predict my study to be right in future
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NSE:MGL #MGL has become sideways at previous high level/previous resistance on daily timeframe and it is trading in the same range in which it was stuck before crashing massively,
if MGL crosses 1030 level or opens above it, we might see a sudden rise of 5%+ move in a single day ,
ih it goes below 1000 again, we might see downside move again, watch both levels...
👉 #MGL : Weekly Chart
📌 Positional call : (3-6 Months)
>> Ascending Triangle Breakout with Volumes
>> Buy @cmp or near Supply zone if it Retraces
>> Good Strength & Volumes in Stock
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MGL LONG VIEW
Beautiful chart pattern forming rounding bottom. Formed triangle and retraced back successfully . Now expecting a good move after 900.
tgt - 964 - 1024 - 1260 with short to medium term view.
No recommendation. Just view.
MGL likely to trade in between this wedge pattern before breakout or breakdown.
Trend mostly indicate breakout but downward retracement is expected as per RSI
NSE:MGL
#NSE:MGL trading @ Resistance and BO, now retracing, Possible movements marked on chart,
Retracement might continue and bounce. Potential levels updated.
850 CE given to our friends and bagged very good profits(5X Profits), still have very good potential.
(Reason for giving 850CE, TL BO, Cup& Handle BO) Multiple confirmation taken in to...
Short to Long term Pick.
Stock is at cheaper price at Monthly Demand Zone.
Entry already active. Hovering around the monthly zone. Accumulate in minor quantity in ranges 700 / 660 / 617.
Stop loss will be weekly close below 590.
Good to hold for a target of 819 / 883 / 1000.
Long term tgts of 1105 / 1200 +
MGL has been forming higher highs and has been taking support on the trendline. And now again it is back to its trendline and formed a reversal bar on the weekly timeframe. The target would be 20% from the cmp.
MGL looking for a good buy @ 1010 or below the price for upper marked targets on the chart until 970 is intact on the closing basis.
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InvestPro India Team
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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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
MGL after a big up move, taken a big retracement and now again started to take bullish reversal, so give an entry with appropriate Stop loss
Aggressive traders enter at the breakout and conservative traders may give entry after retracement
After reaching our targets, trail your stop loss to get maximum profit from the stock in a single...
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
