This is just something I wanted to share and put out on my blog in regards to where I should’ve entered. Over here I was waiting at the Weekly FVG to be tapped into. However, today I have learnt that if the EMA is acting as a FLOD then it is harder for the scrip to fall into the weekly FVG and is likely to take support in the Daily FVG. This is not a buy sell...
MTNL is trying to break it's 12 yrs long resistance zone of 40-42. Stock has formed rounding bottom pattern with high volumes at breakout levels. Levels of 60-80-100 can be seen in short to long term. Don't forget that it's also an underperformed PSU stock.
MTNL after few weeks of consolidation is again trying to regain prior highs. The stock is bouncing from 0.382% fibo levels and has given a close above prior resistance levels. Looks prime to attain recent highs in coming weeks.
Disclaimer- Only for education purpose.
MTNL for Investment
Holding Period - 3/6 Months
Stop Loss and targets clearly mentioned
***I am not SEBI Registered. All my charts and analysis are only for educational purpose not for trading purpose.
NSE:MTNL
On monthly chart of MTNL its looks like accumulating between the are of 9.75 and 39 which may be a good chance for long term investors. chart of the same is attached below.
On weekly chart though it has given a breakout to the ascending triangle (I don’t follow this kind of patterns. I just draw up and down trend line as chart suggests me) and...
