Mahanagar Gas Limited (MGL) Stock - Complete Technical Analysis - Sep 06, 2024

Mahanagar Gas Limited (MGL) Stock Analysis: Key Support, Resistance,

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 1,839, which positions it 3.83% below its 52-week high of 1,912.15 and 87.89% above its 52-week low of 978.75. The stock's recent performance shows resilience, with significant technical indicators suggesting a mixed yet promising outlook.

In terms of support and resistance levels, the stock is well-positioned above key moving averages. The Exponential Moving Averages (EMA) indicate a bullish trend, with the stock trading above the 10, 20, 30, and 50-day EMAs. The Simple Moving Averages (SMA) also support this trend, showing the stock above its 10, 20, and 30-day SMAs. The Ichimoku Base Line and Volume Weighted Moving Average are both around the 1,815 mark, suggesting a consolidation area.

The Average Directional Index (ADX) is showing strength with a reading that indicates a strong trend, although it is not excessively high, suggesting the trend could be stable. The MACD is above its signal line, pointing to a positive momentum shift. The Relative Strength Index (RSI) is in the neutral zone, reflecting a balanced market without extreme overbought or oversold conditions.

Other indicators like the Stochastic Oscillator and Commodity Channel Index (CCI) suggest that the stock may be slightly overbought but still has room for growth. The Awesome Oscillator and Williams Percent Range (WPR) further confirm the bullish sentiment, though caution is warranted as these indicators approach extreme levels.

The ATR (Average True Range) reflects volatility, showing recent fluctuations and suggesting that traders should be prepared for potential price swings.

Overall, MGL shows a robust technical profile with strong support around the 1,800 level, while resistance can be expected near the 1,912 high. Traders should keep an eye on these levels, as breaking above or below these could indicate the next direction for the stock.