MGL - BearishAt strong supply area
May start a retracement journey downwards soon
Expecting 1800 - 1740 soon
1880 strong resistence
Mglshort
watch MGL for massive for 1 day move in coming weekNSE: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 closely for breakout
MGL Wedge pattern on Daily TimeframeMGL likely to trade in between this wedge pattern before breakout or breakdown.
Trend mostly indicate breakout but downward retracement is expected as per RSI
Mgl stands For big Fall on 1hr TF.Hello Friend's, 🤗🤗This stock is mostly for 14-06-2022 Intraday players. Don't forget to add it your watchlist🤗. As we can see that in this Stock continuously selling is continue. In this case we are totally bearish in this stock. We will sell this when price cross 730 & substain below with the accurate target of 720,712.MGl is a leading competitor in Oil & gas industry. If this starts fall everyone will start falling. 📉📉 So don't forget to keep your👀 on it. Have a nice day traders.
Simple Trade Setup| MGL | 30-08-2021NSE: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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Trade Setup for Date 30-08-2021:
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level tomorrow.
Please refer below chart for levels.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.
Look how bearish divergence from yesterday worked today in MGLNSE: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 the sell side from the given level, but it worked on the technical analysis.
Some might have short it from the higher level or top.
Some might have been trapped in the bull trap.
Always trade on levels. It will be always a safe trade. Avoid Trade tomorrow in MGL.
If you have any doubts/comments, do comments below.
MGL - for 31.05.2021looking strong above -1185 for the targets of 1199 and 1214, with sl -1175
Weak below 1165 , targets - 1151, 1136 , sl -1174
Null and void if opens big gap up or gap down.
Wait for Signal in MGL ! Entry as per marked levelsAll important zones marked on chart very clearly, you can easily identify the support and resistance levels of MGL it faced over the time period.
My personal view is for upside breakout but will wait for the confirmation as markets moves with setup and price action not on our thinking and mindset.
So even I am expecting MGL to move upside till 1230-1250 before this month expiry if overall market supports but still I will rely on the price action and strictly follows the same and enter only if it moves in either direction and giving us the breakout of one of the trendlines.
This is my personal view and might doesn't work for you or even for me therefore consult and review before entering taking any trade and also glad to hear your view for this setup or anything which i missed out in the setup.
Trade Wisely!
MGL for selling oppurtunity ..profit-booking expected in this stock.
look for the comments section for more details and discussions
MGL - Bearish breakoutNote: 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.
MGL IMPORTANT LEVELSBUY ABOVE 992 TGT 996/1000/1004
SELL BELOW 937 TGT 933/928/921
Disclaimer : Trade at your own risk
MGLMGL STANDING ON IMPORTANT SUPPORT ZONE IF MGL BREAK THEN IT WILL FREE FALL TO 934-900, BE CAUTIOUS
