MGL long opportunity
MGLStock -> MGL
TimeFrame -> Weekly
Hello all!
MGL has been swinging within the price band of 700-1200 since October 2016. It came back to its support, consolidated there for a while, and then made a strong bounce back. This I believe makes for a good opportunity to go long!
The bounceback had heavy volumes as can be seen in the chart. Also, the stock has closed above its 50-week EMA which is a sign of bullishness.
The stop loss here is minimal compared to the Reward which is near 1100-1200 levels.
*NOT A CALL*
#nifty #mgl #swingtrading #technicalanalysis
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