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
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...
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.
------------------------------------
...
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...
looking 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.
All 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...
Note: 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.
