MGL has given a good breakout above 930 two weeks back, however post breakout follow through is missing and price has started showing weakness due to absence of any follow through, and is facing resistance in 50 to 61.8% fibo pullback zone from June 21 high to June 22 low.
Chart is also showing a rising wedge formation on weekly timeframe, and current weekly...
👉 #MGL : Weekly Chart
📌 Positional call : (3-6 Months)
>> Ascending Triangle Breakout with Volumes
>> Buy @cmp or near Supply zone if it Retraces
>> Good Strength & Volumes in Stock
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both side potential
avoid first 15min breakout
wait for 15 min candle closing
targets are marked
if the breakout comes after 10:00 am then the probability of winning will be more.
follow risk management
do your own analysis
do workout
do meditation
start reading books
both side potential
avoid first 15min breakout
wait for 15 min candle closing
targets are marked
if the breakout comes after 10:00 am then the probability of winning will be more.
follow risk management
do your own analysis
do workout
do meditation
start reading books
Mgl looks good bullish on weekly chart after breaking a down trend line resistance of triangle and close above on weekly basis so we can expect a target of 1000 in it in coming days from here.
Note -
One of the best forms of Price Action is to not try to predict at all. Instead of that, ACT on the price. So, this chart tells at "where" to act in "what direction. Unless it triggers, like, let's say the candle doesn't break the level which says "Buy if it breaks", You should not buy at all.
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I use shorthands for my trades.
"Positional" - means You...
MGL is moving in broad range. Monthly price is above 50 EMA. In weekly and Daily time frame price is in momentum. Hence buy on dips is ideal strategy.
Weekly MACD positive crossover stat.
Weekly RSI is in momentum
Daily RSI is in momentum
In the case of MGL stock, if there is a confirmed breakout from the ascending triangle pattern, it could indicate that there is a strong likelihood of further upward momentum in the stock. However, it is important to note that technical analysis is just one tool in the decision-making process for investing in stocks, and it should always be combined with...
MGL has given triangle pattern breakout at 925 levels.
Target is coming to 1060-1070 range (may come in 5 - 10 days)
SL: Hrly candle close below 925 levels.
Note: Looks good for long term hold as well, as the move seems to be a trend reversal.
![MGL: [Intraday] MGL Buy Idea](https://s3.tradingview.com/n/NqIEeTvm_mid.png "[Intraday] MGL Buy Idea")
