MGL chart structureMGL chart indicates the important trend-line.
There were two ocassions when the trendline was crossed over, once on the upside and once on the down side. On both occasions the moves were pretty decisive.
Now, MGL is back at that trend-line and this time from the down side which means it's a possible resistance.
Keep this on radar and trade the direction.
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NSE:MGL
MGL trade ideas
wait till 1100 then long mgl strong company to holdmany reason to buy mgl
1.top gas company of india
2.supporting trendline 1100 level
3.1100 will be 0.618 fibo level from last swing low
4.1100 was last resistance now it became strong support
5. 50 moving average support at 1100
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MGL- BREAKOUT AND RETESTThe whole gas distribution companies are starting a bull run. So either MGL or IGL, hope everybody can make a lot of money with them
Note:
Avoid the stock if a big gap up or gap down is seen
Enter after the breakout happens and not before it
Do not chase the market, i.e., do not get involved in late entries
Only enter with strict stop-loss and target
This is not a recommendation and is for educational purposes only.
always follow risk-reward and quantity management for the 100% of the times
The above mentioned idea may not work, so beware of the risk you are taking
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Happy Trading!!