Inverse Head and Shoulder Pattern in MGL for target of 920+

After downtrend in MGL in today's session, we got the breakout of the neckline of an inverse head and shoulder pattern with good buying volume. After some movement, we will see a small correction according to the pattern but it will continue its rally towards the 920+ target in next few trading session.

For trading, 840-845 is a good entry point with a stop loss of right shoulder bottom at 810. This trade can give good risk-reward as 1:3+ from entry-level.

Possible Trade:
Buy MGL at 840-845
Stop-loss 810
Target 920+

Disclaimer: Before taking any position take advise from your financial adviser. Also, Don't enter any trade without risk management.

Yorum:

920+ Target Done