MGL Daily Analysis 17 May 2020S/R Marked
FIBO Levels
Positive CRS
EMA
Still some parameters need FAR.
MGL trade ideas
MGL Inside Bar BreakoutMGL has formed a large body candle the previous day followed by a small range DOJI candle on daily timeframe.
The price is moving along a rising trend line & price is currently at the trend line.
The next candle may give a fine move on any side, either respecting the trend line and breaking above or breaking it below.
Long above 1014
Short below 991
Fixed target: 1% (or the nearest S/R)
NOTE: Trade with confirmation of momentum & volume on lower timeframes in intraday.
MGL in Channel Pattern in 5 min Chart Ready for breakoutMGL in Channel Pattern in 5 min Chart Ready for breakout. Keep a eye tommorrow for breakout. and get it into trade as soon as you see breakout.
MGL Trading SetupDisclaimer: All charts are purely for educational and information purpose only. Invest or Trade at your own risk.
MGL BreakoutA Good breakout can be observed and after trying multiple times MGL has come out of resistance zone with good volume .
A Positional trade can be taken with a potential of ~20% Profit.
Entry can be taken at support(earlier resistance) @ 986 confirming it's not a false breakout.
Exit can be made @ 1234
MGL, Near long term resistance, possible Breakout (Learn & Earn)MGL is looking good for long above 980. It has long term resistance at 985, if this is broken then it has possibility of good move.
This study is purely based on simple support & resistance analysis.
Price action is very simple to understand and main focus is price/patterns. Keep your chart clean and free from indicators, follow same process daily to get good results.
If you wish to learn simple price action trading process (strategy seekers kindly excuse), kindly reach out.
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MGL - Harmonic PatternsShort at Entry 1 and Entry 2 for the Targets as mentioned.
Taking Harmonic Patterns to different dimension and its a very high probability trade. It may reverse between these 2 entry level.
Play smart!
mahanagar gas looks bullishAs per the daily chart Mahanagar gas on an upward trajectory forming an ascending triangle ready to give breakout. The potential target I can see is 959 and 963..Anyone agrees ?
Disclaimer: Educational purpose only.
MGL short term viewsustain above 922 momentum will lead the price to reach 936-938 with sl of sustained candle low
sustain below 883 lead the price to reach 872/858 with sl of sustained candle high
**Educational purpose only
MGL a decisive break above 918 might take the stock towards 930/937
as long as stock trades above 900
Double top confirmed by Fibonacci retracementMGL seems to have formed a double top and will likely fall another 60 rs.
