The Mahanagar Gas Ltd (MGL) chart view on TradingView shows the price of MGL stock over the past few weeks. The chart shows that MGL has been in a downtrend, but has recently found support at around INR 1000.
There are a few key things to note on the chart:
Support and resistance levels: The chart shows two key support levels at around INR 1000 and INR 750. These levels are where the price has previously found support and bounced back. There is also a key resistance level at around INR 1200. This level is where the price has previously faced resistance and been rejected.
Moving averages: The chart shows two moving averages, a 50-period and a 200-period moving average. The 50-period moving average is currently above the 200-period moving average, which is a bullish sign.
Overall, the MGL chart is showing some bounce from bearis. The price has found support at a key level, but the 50-period moving average is below the 200-period moving average and the MACD on OBV indicator is showing a bullish crossover. This suggests that the price could be about to move higher.
Trading strategy:
Based on the chart, a possible trading strategy would be to buy MGL at the current price level, with a stop loss below INR 1150 and a take profit target at INR 1200. This would give a risk-reward ratio of 1:1.
It is important to note that this is just a possible trading strategy and is not financial advice. Always do your own research before making any trading decisions.
Additional notes:
The MGL chart view on TradingView is using a daily timeframe.
The volume indicator shows that the volume has been increasing recently. This is a bullish sign that suggests that there is more interest in buying MGL.
It is important to be aware of the risks involved in trading stocks. Stocks are volatile and their prices can fluctuate wildly.
Please note that this is just my opinion and is not financial advice. Always do your own research before making any trading decisions.
There are a few key things to note on the chart:
Support and resistance levels: The chart shows two key support levels at around INR 1000 and INR 750. These levels are where the price has previously found support and bounced back. There is also a key resistance level at around INR 1200. This level is where the price has previously faced resistance and been rejected.
Moving averages: The chart shows two moving averages, a 50-period and a 200-period moving average. The 50-period moving average is currently above the 200-period moving average, which is a bullish sign.
Overall, the MGL chart is showing some bounce from bearis. The price has found support at a key level, but the 50-period moving average is below the 200-period moving average and the MACD on OBV indicator is showing a bullish crossover. This suggests that the price could be about to move higher.
Trading strategy:
Based on the chart, a possible trading strategy would be to buy MGL at the current price level, with a stop loss below INR 1150 and a take profit target at INR 1200. This would give a risk-reward ratio of 1:1.
It is important to note that this is just a possible trading strategy and is not financial advice. Always do your own research before making any trading decisions.
Additional notes:
The MGL chart view on TradingView is using a daily timeframe.
The volume indicator shows that the volume has been increasing recently. This is a bullish sign that suggests that there is more interest in buying MGL.
It is important to be aware of the risks involved in trading stocks. Stocks are volatile and their prices can fluctuate wildly.
Please note that this is just my opinion and is not financial advice. Always do your own research before making any trading decisions.