MGL is at a crucial point with multiple signs of movement and we are tracking a little ahead, hence it can go up or down basing on the next candlesticks
Reasons/Traits :
• 20 EMA crossing 50 EMA from below
• Daily trend is at resistance/supply zone
• Inverted head and shoulder formation can be seen (Chances of going up)
• Descending Broadening Wedge pattern can also be seen (Chances of going up/can be failure)
• Last two daily candle stocks shows Dark Cloud Cover Pattern (Chances of going down)
• Volume is constant, ADX is below 25 (weak trend) and RSI is ascending and currently at 60
• Last daily candle retraced till 0.236 fib levels, if in uptrend, this retracement can lead to a sharp up move
What can happen next :
Scenario 1 : Above 1200 can go up to 1285 levels with a retest of the 1200 supply zone levels
Scenario 2 : Below 1200 can retest 0.236/0.5/0.618 fib levels and can go till the supply zone of 1080
In both the scenarios, a retest is required at supply zone to follow respective trend. Let’s see..
Disclaimer : This analysis is only for educational purpose and not be considered as any trading idea/tip. Please consult your financial advisor before you take any trade and we are no way responsible for your profits/losses. Thank you!
Reasons/Traits :
• 20 EMA crossing 50 EMA from below
• Daily trend is at resistance/supply zone
• Inverted head and shoulder formation can be seen (Chances of going up)
• Descending Broadening Wedge pattern can also be seen (Chances of going up/can be failure)
• Last two daily candle stocks shows Dark Cloud Cover Pattern (Chances of going down)
• Volume is constant, ADX is below 25 (weak trend) and RSI is ascending and currently at 60
• Last daily candle retraced till 0.236 fib levels, if in uptrend, this retracement can lead to a sharp up move
What can happen next :
Scenario 1 : Above 1200 can go up to 1285 levels with a retest of the 1200 supply zone levels
Scenario 2 : Below 1200 can retest 0.236/0.5/0.618 fib levels and can go till the supply zone of 1080
In both the scenarios, a retest is required at supply zone to follow respective trend. Let’s see..
Disclaimer : This analysis is only for educational purpose and not be considered as any trading idea/tip. Please consult your financial advisor before you take any trade and we are no way responsible for your profits/losses. Thank you!
Anmerkung
Scenario 2 all targets achieved!Anmerkung
Consolidating, to go up or down... Lets seeTrade geschlossen: Ziel wurde erreicht
all targets achieved
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.