MGL trade ideas
MGL - 1D TF - Bullish BatBullish Bat pattern forming on Daily Chart of MGL. BUY 715, SL 662.9, Target(s) - 765, 780.
Morning star in MGL Morning star is a bullish chart pattern. It's formed at the end of a downtrend. A doji is formed after a clear down trend, followed by a green candle which confirms the beginning of an uptrend.
Other points to consider:
1) Touched the low of the channel.
2) RSI is oversold.
Target: 900 SL: 825
Weekly levels (5 to 9 October 2020) - MGLweekly levels for 5 to 9 October 2020. Long bias - stock has hit RSI and price support at same time. Uptrend to be looked forward to.
Educational - Bullish RSI divergence in MGL in 15 min TFBullish RSI divergence happens when:
1. RSI is going higher
2.Price is making new lows
This denotes the weakness in strength of downtrend, making a potential for uptrend.
MGL - Potential Inverted Head and Shoulders PatternMGL is forming what appears to be an inverted Head & Shoulders pattern on Hourly time frame.
Initiate long.
Target : 1025
Stop Loss : 905
