MGL: Does it have the Gas to Push to Resistance?

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Hello fellow traders! Hope you’re all doing great.

Today, I’d like to share my technical outlook on Mahanagar Gas Ltd (MGL).

Key Observations:

1. Ascending Channel: The price is currently respecting an ascending channel formation on the chart.

2. Target: I'm anticipating a potential move toward ₹1440, which aligns with the upper boundary of the ascending channel. This level also coincides with a long-term resistance zone, adding confluence to the setup.

3. Stop Loss: A strict stop loss should be placed at ₹1220 on a closing basis. As long as the lower trendline holds, this setup remains valid.

4. Risk-Reward Ratio: This trade offers a favorable 1:2 risk-to-reward opportunity.

Disclaimer:
This is a personal analysis and not financial advice. Please do your own research and trade responsibly. Risk management is key.

Thanks for reading!
Looking forward to your thoughts and feedback.

Best regards,
Anantesh

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