MRPL, also known as Mangalore Railway and Petrochemicals, is one of the Stocks which don’t get into the spotlight often.
But recently the Price Action of MRPL has surprised many traders and investors.
So far, stock prices have gained by nearly 200%, when accounting from the month of Feb. Something which is quite abnormal for a Stock that often moves within tight ranges.
Price Behavior wise, we can see a strong momentum breakout from the Parallel Resistance zone at 75.00. Right now, the Stock prices are trading around130. Take a look at the chart analysis to understand the complete picture.
Price Action Outlook – MRPL Stock Prices on 1W Chart
After showing the signs of the Accumulation phase, MRPL Stock prices strongly broke out from the Structural range.
Followed by the Breakout, we saw strong Buying pressure pushing stock prices even higher.
Peak volume is co-related with the Buying pressure, indicating strong order flow coming into the Stock.
Based on these observations, can we expect more upside in the MRPL Stock prices? Or will it just reverse from here?
Either ways, put the stock on the watch list, keep an eye and take decisions as per the Price action. To know more about the strategy of the stock, take a look at the video link given below…
