MGL-LONG DAILY TIMEFRAME
MGL Stock is consolidating in Descending triangle pattern from past few days.
It is taking support on previous Break out level which is 1015-1020.
On 22nd June we can see a clear rejection from top. Following to the rejection there is a big red candle which is closed near support levels. Now here comes the interesting part the red candle did not got the follow through.
The stock has opened slight gap down on Monday (27th June) and it has been sharply pushed up by buyers. This is a good opportunity to go long and with low SL (approx. 2%)
Please wait for the bullish price action if it opens gap down on Tuesday (28th June)
SL: 1010 Target: 1070
The entry is bit early as I mentioned that previously red candle did not got the follow through.
This is only for educational purpose, please manage your risk accordingly.
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