MGL trade ideas
Consolidating near resistance and break out may happenConsolidating around 3/1 angle. Support is at 803, Resistance at 867, if resistance is crossed and the stock remains bullish, target is 996 in intermediate term
MGL viewMGL
CMP 873.5
The stock can be considered at CMP and on dips towards 860 for initial Target of 920.
Keep a Stop loss if closing below 845
Take care and safe trading...!!!!
MGL: Enter for Long.BUY Entry: > 867.30
Buy confirmation: > 869.80
TGT: @ 873.80, 876.70, 878.40, 884.35, 890.80+
SL: < 851
Education purpose Only.
Rising Wedge Breakout - As a Continuation Pattern - RR 1 : 3.90MGL sell Below 834.60
Stoploss - 855
Target - 756
Risk - 2.42% & Reward 9.42%
RR Ratio 1 : 3.90
Reversal or Continuation Pattern
Rising Wedge
Prices are moving upward, forming higher highs and higher lows, but the price is confined within two lines which get closer together to create a pattern. This indicates a slowing of momentum and it usually precedes a reversal to the downside. This means that you can look for potential selling opportunities.
Pair trade idea MGL n IGLIGL n MGL have formed inside bars,
Take opposite positions, relative to one another
If longed in MGL look for short in IGL, vice versa
Inside bar trade
Short if PDL is broken with SL at PDH
Long if PDH is broken with SL at PDL
MGL - Inside bar TradeLong on 822.75 break with SL as 808.95
Short on 808.95 break with SL as 822.75
MGL Bounce TradeMGL is in Downtrend, unless 798.55 level is broken.
Short with SL at 798.55.
Once Swing low is formed close Short position and go Long.
