Channel Breakout in Mahanagara Gas Ltd
From few months stock was trading in a sideways channel, now it has given breakout with good volume.
If we observe short-term chart, stock has already given a symmetrical triangle breakout for which final target is not yet achieved.
We can expect a good upside momentum if price closes above 905.
830-845 levels should act as strong support. Considering the spike in volume we can expect a good rally in upcoming days.
Stop loss can be placed at 800 for risk takers and 830 for risk averse. All possible targets are marked on the chart.
This is not an recommendation. Do your own analysis before investing.
MGL
If we observe short-term chart, stock has already given a symmetrical triangle breakout for which final target is not yet achieved.
We can expect a good upside momentum if price closes above 905.
830-845 levels should act as strong support. Considering the spike in volume we can expect a good rally in upcoming days.
Stop loss can be placed at 800 for risk takers and 830 for risk averse. All possible targets are marked on the chart.
This is not an recommendation. Do your own analysis before investing.
MGL
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