MAHLOG is on the verge of breaking out of 2.5years old trendline
The stock is attempting to breakout from a major trend line resistance that has kept the stock in a 'downtrend' for almost 2.5years now.
A close above INR 400 could mean a quick run for the stock towards INR 420 level.
Above INR 420 however is the region where the stock would almost 'fly' towards INR 500.
But since 420 is a prior supply zone one could expect some congestion in the 400-420 zone before the stock takes out 420.
INR 360-420 can also be considered as a long term accumulation range in the stock. The stock has spent almost 10-11 months in this range giving ample time to the interested parties to accumulate it for the future.
A breakout above the trendline and also above 420 could provide some great momentum to the stock in coming weeks/months to scale up to INR 500 mark.
Note*- The explanation of chart is based on personal opinions/observations. Please do your own research before making any trading/investing decisions.
A close above INR 400 could mean a quick run for the stock towards INR 420 level.
Above INR 420 however is the region where the stock would almost 'fly' towards INR 500.
But since 420 is a prior supply zone one could expect some congestion in the 400-420 zone before the stock takes out 420.
INR 360-420 can also be considered as a long term accumulation range in the stock. The stock has spent almost 10-11 months in this range giving ample time to the interested parties to accumulate it for the future.
A breakout above the trendline and also above 420 could provide some great momentum to the stock in coming weeks/months to scale up to INR 500 mark.
Note*- The explanation of chart is based on personal opinions/observations. Please do your own research before making any trading/investing decisions.
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