MGL has been a star performer and has been fueling some strong upside for the past few weeks. The charts have been steadily forming higher lows indicating possibility of heading higher. The last few days the pullbacks in this counter have been witnessing some buying interest. Yesterday the robust Q2 numbers brought in some cheer and the strong run up clearly highlighted that the positive news produced a strong surge. The prices right now are curbed by the confluence around the 78.6% Fibonacci resistance and the median line. This zone was surpassed during the day but has closed below it.
The trends continue to blow positively for this counter as can be seen from the momentum readings. With the RSI continuing to revive from the Neutral Zone we could be looking at this counter from a positive frame of mind. Overall setup indicates potential to move higher hence one can look to buy above 1010 with a stop below 980 for a rise towards 1090.
Idea Sourced From NeoTrader
http://trade.chartadvise.com/dm
The trends continue to blow positively for this counter as can be seen from the momentum readings. With the RSI continuing to revive from the Neutral Zone we could be looking at this counter from a positive frame of mind. Overall setup indicates potential to move higher hence one can look to buy above 1010 with a stop below 980 for a rise towards 1090.
Idea Sourced From NeoTrader
http://trade.chartadvise.com/dm