regulatory entry barriers are present presently losing out to adani total gas and indrprastha gas but has potential to reach 1750
believers in the fundamentals can buy it now otherwise wait for a break of 1250
Trendline Observation(s). A simple Trendline Breakout on Hourly Chart of MAHANAGAR GAS LIMITED. BUY 1190.10 -> 1210, 1225, 1235. I'm learning chart patterns as of now. You can plan your trades accordingly if you know how to trade these patterns.
MGL, if closes above its daily average of 1178, then I would enter it for target of 1258. Target can be for 20 trading sessions approx.
PS: Do not forget to follow SL as per chart.
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...
The stock is trading in a channel and currently is at the lower end of the channel .
This stock is also in a mean revision area & has bounced off its 200 EMA.
I am expecting a 11-12% move in this ticker.
Today MGL RSI shows bearish divergence. Couldn't break the 1190 resistance levels.
Stock was trading sideways and with a bit higher high formation but the RSI was making lower highs. This is a sign of weakness in stock.
Stock is not ready to go up at this moment. One correction is still required.
Keep tracking of this stock for tomorrow as MGL...
Mahanagar Gas Ltd. engages in the sale and distribution of natural gas. Its Domestic PNG is used for cooking and water heating. The company was founded on May 8, 1995 and is headquartered in Mumbai, India.