MUGHAL Mughal Steel Mid-Term Analysis 26 Dec. 2016

Rebound Insight

Our Pivot: 75.70

Our Preference: Buy MUGHAL above 84.33 and average it out till 81.44 with strict stop loss of 75.70 and profit target at 96 and 101.25

Alternate Scenario: Downward penetration of 75.70 will call for 73.22 and 66.43.

NOTE: MUGHAL is moving in upward price channel on weekly chart and its completing fourth wave of Elliot Wave while completing its weekly correction. Right now its getting support from its correction level along with a horizontal supportive region. It can bounce back from 50% or 61.8% correction for completing fifth wave of Elliot Wave.

Recommendations:

Buy above 84.33 and average it out till 81.44 with strict stop loss of 75.70 and target at 96 and 101.25

Weekly Chart with Supports and Resistances: