MGL - Technical Analysis with Chart Patterns & Indicators

Last Updated Time : 19 Sept 25, 2:16 pm

Technical Rating: 3.9

Here’s a detailed technical analysis of Mahanagar Gas Ltd (MGL) based on current indicators and chart behavior

📊 Trend Overview

Current Trend: Mild uptrend following a trendline breakout

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Phase: Transitioning from consolidation to bullish

Bias: Favorable as long as price holds above ₹1,277

📈 Technical Indicators Analysis

🔹 Moving Averages

50 DMA: ₹1,341

200 DMA: ₹1,375

Current Price: ₹1,344

Price is above 50 DMA but below 200 DMA → suggests early bullish reversal

A sustained move above ₹1,375 would confirm trend continuation

🔹 RSI (Relative Strength Index)

RSI: 55.3

Neutral zone, indicating balanced momentum

Room for upside without being overbought

🔹 MACD (Moving Average Convergence Divergence)

MACD: -2.87

Negative MACD suggests recent bearish pressure

However, trendline breakout may override this if momentum builds

🔹 Bollinger Bands

Price is near the middle band

Bands are moderately tight → low volatility

Breakout above upper band (~₹1,375) could trigger momentum

🔹 Volume Trends

Current Volume: 2.54 lakh

1-Week Avg Volume: 3.89 lakh

Volume is below average → breakout lacks strong participation

Watch for volume spike to confirm trend

📌 Support & Resistance Levels

Level Price (₹) Commentary

Support 1 1,324 Near-term support zone

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Support 2 1,277 Trendline base, critical level

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Resistance 1 1,375 200 DMA, key breakout level

Resistance 2 1,450 Intermediate resistance

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Resistance 3 1,500 Target zone post-breakout

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🎯 Entry & Exit Zones

Optimal Entry Zone: ₹1,300–₹1,325 (near support and trendline)

Exit Zone / Profit Booking: ₹1,450–₹1,500 (resistance cluster)

🔍 Momentum Signals

Short-Term: Mild bullish bias post-breakout; confirmation needed via volume and MACD crossover

Medium-Term: Potential uptrend if price sustains above ₹1,375

🧭 Conclusion

MGL is showing signs of a trend reversal with a breakout above its super trend line

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. While MACD remains negative and volume is light, the RSI and moving averages suggest a favorable setup. Traders may consider accumulating near ₹1,300 with targets around ₹1,500, provided price holds above ₹1,277.

Sources

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Would you like alerts set for breakout confirmation or similar gas utility stocks?

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Business Standard

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bing.com

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www.etmoney.com

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