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. ...
I have posted this in my earlier post for MGL.
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...
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.