MGL has recently moved closer to its resistance level of 1125. Significant volume as the price approaching the level. It would be a high-probability trade if it breaks the resistance with volume and retraces back to its support level. We can enter the trade for 3.5 risk-to-reward ratio. Also, it goes unnoticeable that it has been forming a cup and handle pattern. RSI is above 60 on monthly and weekly time frames. It also crossed 60 on the daily time frame in the last trading session.
It crossed 50 EMA on the daily time frame and has been above 50 EMA on the weekly and monthly time frame.
It crossed 50 EMA on the daily time frame and has been above 50 EMA on the weekly and monthly time frame.