MGL Rising wedge
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MGL has given a good breakout above 930 two weeks back, however post breakout follow through is missing and price has started showing weakness due to absence of any follow through, and is facing resistance in 50 to 61.8% fibo pullback zone from June 21 high to June 22 low.
Chart is also showing a rising wedge formation on weekly timeframe, and current weekly candle has closed below the doji of previous week's low which is also a sign of bears taking control of this after the breakout.
If the price start sustaining below and even breaks down support trendline then it can even correct upto 850 and below levels.
Chart is also showing a rising wedge formation on weekly timeframe, and current weekly candle has closed below the doji of previous week's low which is also a sign of bears taking control of this after the breakout.
If the price start sustaining below and even breaks down support trendline then it can even correct upto 850 and below levels.
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MGL down by almost 5% 
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