MGL trade ideas
MGL: Slowly & steadily winning the race...!!!MGL
CMP 967
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 attacks to say the least and importantly The stock has done a 10% + movement achieving T1 & T2 quite comfortably.
(It is like watching Micheal Bevan of Australian cricket team if you remember, not scoring much in boundaries and sixes but still ends up scoring 50-60 runs at a very good strike rate mostly from ones and twos. And that's what made him very reliable and very effective.)
Coming back to the stock, Going forward, 977-987 is an important zone for MGL. Keep a close eye. Above that zone and there can be a quick movement to 1020-1034 levels initially and then possibly even to 1066 levels.
Those who are holding can trail SL to 928 on closing basis.
For those looking to take a fresh position wait for the stock to cross the resistance zone or look to buy on dips
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Best regards
Take care & happy trading...!!!
MGL Showing signs of strength MGL
CMP 905
In our previous post we had recommended MGL for a buy around 860 for target of 920 and it worked to perfection to the point making a high of 919
Looking at the charts again we observe
- price action holding on to the gap zone between 902-868
- 20 day EMA crossover above 50 day EMA in late November- early December 2018
- thereafter re-test first at 50 day EMA and now we see price holding above 20 day EMA on 2 occasions
Given the set up one may consider to buy at cmp and on dips towards 888 for target of 933 / 965 / 1034 levels
SL if closing below 865
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Take care & safe trading...!!!
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Mahanagar GasMahanagar Gas :- Looks Positive above 870 if closed above it. T1 as 900 & above can be seen if 870 sustained.
CMP:- 866.50
CDT:- 5-dec'18
NSE:MGL
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.
