Downward Channel Broken
Volume supported Break
RSI > 60
Upper Bollinger Band broken
need to wait for momentum in ADX and price completely close outside of Upper Bolinger Band
NSE:MGL
Observation:
1) On Daily time frame It took perfect reversal from 200DMA with good green candle. Now next hurdle for this stock will be 1140-1150 critical zone.
On breakout of this range it will be good bullish till 1200 level. 1200 is another major resistance.
Please refer below chart : daily time frame.
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NSE:MGL is ready to shoot the bulls in the ring.
NSE:MGL had been making lower highs and lower lows ( LHLL ) while framing a falling wedge pattern ( T1 & T2 ). Inside the wedge, it has broken a trendline T3 that pushes up the confidence of the bulls to create the long positions.
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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.
Inverse Head & Shoulders pattern forming on Daily Chart of MGL. BUY 1100, SL 979.9, Target (s) - 1150, 1170, 1195, 1215, 1230. Head-Neckline = 320.5. I'm learning chart patterns as of now. You can plan your trades accordingly if you know how to trade these patterns.
Hello Traders,
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.
Happy Trading!
PS: Do not forget to follow SL as per chart.
