Mahanagar Gas Limited (MGL) Stock - Complete Technical Analysis - Sep 19, 2024

Mahanagar Gas Stock Analysis Key Support & Resistance Levels September 2024

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Mahanagar Gas Limited (MGL) is currently trading at 1915.25, which is just 1.4% below its 52-week high of 1943. The stock has risen significantly, approximately 95.7% above its 52-week low of 978.75.

Technical indicators suggest a strong bullish outlook. The RSI is in the upper range, indicating that the stock is approaching overbought conditions. Similarly, the Stochastic %K and Stochastic RSI are also in the overbought zone, which might suggest a temporary pullback could be possible. The MACD is positively inclined, showing strong bullish momentum, and the Momentum indicator supports this with a high positive value. The Awesome Oscillator is also indicating bullish strength, while the Commodity Channel Index is in overbought territory, suggesting potential caution.

Support levels for MGL are anticipated around 1800 and 1750, with resistance levels expected at 1950 and 2000. The Bullish Harami pattern suggests potential bullish momentum, but with the stock trading near its high, its prudent for traders to watch for any signs of a reversal or consolidation around these levels.