Dec 12 2023, 09:59
Stock Radar:MGL hits fresh 52-week high in December, likely to surpass Rs 1,200:
MGL stock rose from Rs 1,063 on 1st December to Rs 1,178, which was the 52- week high, on 8th December. This translates into an upside of over 10%.It has formed a Tripple Bottom pattern on the daily charts above Rs 970 and retested the crucial support in May, August and in October.
Mahanagar Gas Ltd (MGL), a part of the LNG/CNG supplier industry, rallied by about 10% last week to hit a fresh 52-week high and the chart pattern suggests that the rally may not over yet.
The stock rebounded after retesting its 200-DMA in November to hit a fresh 52- week high, surpassing Rs 1,151 recorded on 17th October with strong volumes.
"MGL has given a strong breakout from its 52-week high resistance level with a bullish candlestick pattern on the daily charts. We can notice good momentum in the oil & gas sector as crude prices eased below $80. The stock displayed strong volumes near the breakout zone," said Jay Patel, research head at Investmentor Securities Limited.
"MGL has formed a triple bottom pattern on charts and the stock has also displayed consolidating behaviour in the range between Rs 985 and Rs1,150. With a breakout above this zone, we can have strong upside potential for this stock," he said.
source: et
Dec 12 2023, 10:15