MGL is currently sitting in 100 and 200 dma supports.. it formed a double top around 980.
looks weak..break below 200 dma can take it down to mentioned levels in blue.
NOte: this is my personal view only.
MGL took a fall from 975 to 860.
in 30 mins chart it has formed bullish divergence.
expect a pullback
NOte: this is my personal view only
(am not good with divergences, please correct me if i am wrong)
Long if it breaks the high of the previous day with a stop loss at the previous day's low.
Short if it breaks the low of the previous day with a stop loss at the previous day's high.
In case of gap up above the previous day's high or gap down below the previous day's low, please avoid buying it or selling it respectively. Follow the ending of the candle formed...
If you have been following us and seeing our coverage on MGL, we have been in it since 860 odd levels...
Link to our previous post
Nothing spectacular here so far but the ride has been smooth and easy without panic...