MRPL has seen a good breakout on daily TF after almost a consolidation of 2 weeks with good volume on daily TF.
The company has increased institutional investing and a healthy QoQ growth for the last 2 quarters to add to strength.
Good for swing traders. Can hold for about 10 days.
Entry - INR 238.5 (Trade Initiated)
SL - (DL) - INR 230
TSL - According to your...
Mangalore Refinery and Petrochemicals Limited, is a division of Oil and Natural Gas Corporation which is under the ownership of the Ministry of Petroleum and Natural Gas of the Government of India. Established in 1988, the refinery is located at Katipalla, north from the centre of Mangalore.
Revenue: 86,161 crores INR (US$11 billion, 2022)
Total assets: 40,071...
Sure, let's break it down in simpler terms:
"MRPL, which stands for Mangalore Refinery and Petrochemicals Limited, has been forming a rounding button pattern over the past 1.5 years. This pattern suggests that the stock has been consolidating, meaning it has been trading within a certain range.
Now, based on this pattern, it seems like a good time to consider...
The stock up move was stopped by a "BC" bar. Then the stock was push down to the 50 DMA. Taking support from there the stock started to recover. Now seems to succeed in crossing above the the supply shadow of the "BC" bar in the second attempt. Money Flow and Buying Pressure were already positive . The Relative strength is also turning positive. A good close...
MRPL may touch 120 soon because of below reasons
i) At the day level it's making HH and HL
ii) It's above 30 weeks and 40 weeks EMA ( Stage 2 )
iii) Latest Quarter's Profit is 12 times the previous quarter's and the Highest Profit made this time
iv) They are selling Jet fuel every month
v) Improved in OPM
The Structure looks good to us, waiting for this instrument to correct and then give us these opportunities as shown on this instrument (Price Chart).
Note: Its my view only and its for educational purpose only. Only who has got knowledge about this strategy, will understand what to be done on this setup. its purely based on my technical analysis only...
Please look into the chart for a detailed understanding.
Consider these for short-term & swing trades with 2% profit.
For BTST trades consider booking
target for 1% - 2%
For long-term trades look out for resistance drawn above closing.
Please consider these ideas for educational purpose
