MGL Price Structure on Monthly Chart

By ProfitPattern1

Updated

MGL has reached at its Very Strong S&D area from where it has taken multiple times support.
If it survive and get demand then can head towards 100+ up-move.
If it doesn't survive(not get enough demand, and suppliers win) then we can see 100+ down-move too.
Down-move of stock is not expected (but in the market we never knows)
Oct & Nov month will play an important role for this stock. Because in past, it takes 1 month for testing area and stop its fall. In another 1 month, it starts bounce back to up-move.
In case it fails to get enough demands then stock will land in its worst price structure. In that case may be many investor start off-boarding. Stock may land into long consolidation too. That would be really very bad phase of this stock. But seeing its past behavior, this may not happen. :)
Let's keep close eye on its!

Note:
- Sharing for knowledge and information purpose only and not for trade.

Note

As per our above study, we will wait for sign of reversal on higher timeframe.
On lower time-frame, for intraday opportunities, we must be cautious and sincere as stock is still in downtrend and has not given any sign of reversal at S&D area.
In most of the time, scrip movement get slow-down, pause and even throw back for short-time as participants surges in S&D Areas(fresh supplier as well buyers)
Intraday Trade opportunities updates:
[**] Today it moved from 829 to 840 as Intraday trading setup. (not bad 11 points!)
[**] Today it took resistance near the previous S&D area. Also, if we draw a Fibo retracement from where the recent swing started it was exactly 38.2%.
[**] Let's keep watching for good volumes and sign of continuation or reversal confirmation.

Note

Note

last 6 day sessions has been engulfed today positively (but on low volume). Lets see if this boost in gaining demands & support from crowd!

ProfitPattern1

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