MGL trade ideas
MGL, Pennant Pattern breakout extpectedMGL has formed Pennant pattern on 15 min timeframe. Expect breakout in either direction for trade.
MGL: Step on the Gas .!MGL has been a star performer and has been fueling some strong upside for the past few weeks. The charts have been steadily forming higher lows indicating possibility of heading higher. The last few days the pullbacks in this counter have been witnessing some buying interest. Yesterday the robust Q2 numbers brought in some cheer and the strong run up clearly highlighted that the positive news produced a strong surge. The prices right now are curbed by the confluence around the 78.6% Fibonacci resistance and the median line. This zone was surpassed during the day but has closed below it.
The trends continue to blow positively for this counter as can be seen from the momentum readings. With the RSI continuing to revive from the Neutral Zone we could be looking at this counter from a positive frame of mind. Overall setup indicates potential to move higher hence one can look to buy above 1010 with a stop below 980 for a rise towards 1090.
Idea Sourced From NeoTrader
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#MGL ViewCurrent levels may act as a resistance... if sustains above more upside possible or else can be watched to initiate a short
Long MGLMGL
After showing continuous 5 black crows
gave a breakout upside
Breaking prev. high of 984.25
during its fall, it took support at exact prev. resistance of 939.50
so I am betting on long with high risk at cmp
and low risk in range of 970-975
with SL of mid of prev. candle i.e 960
Target being 1020
Time 1-2 weeks
MGL - Analysis for positional holdA long position can be initiated with the following stop losses for various persona:
For ultra safe traderSL could be placed at 907, for a target of 980.
MGL.. a rare findingMGL has formed weekly triple bottom.
and has crossed weekly cloud and also falling trendline
making it bullish
buy on dips to 930 900 SL below 880
targets 1060 1160
MGL - COMING IN TO BULLISH ZONE!!MGL AFTER REACHING 1050 (AS GIVEN IN ONE OF MY PREVIOUS POSTS) HAD REACTED TO A LOW OF 754.
IT HAS STARTED MOVING UP AGAIN AND IS COMING OUT INTO THE BULLISH AREA.
ONCE IT STARTS TRADING ABOVE 856, THEN THE NEXT TARGET IS 871 & 885.
STOP LOSS CAN BE PLACED AT 816.
