So first of all lets understand Volume Profile . Volume Profile is an advanced charting study that displays trading activity over a specified time period at specified price levels and now lets discuss another term POC (Point of Control) that is the price level for the time period with the highest traded volume that has utmost importance so here GAIL had a breakout, breaking the range formed by Volume Profile . Price did correct a bit calling for a retest and today formed a big pin bar / hammer candle showing huge price rejection from sellers and buyers win here. Keeping POC as SL and achievable targets of previous resistance on the charts we are ready to bounce towards our targets. Hammer is of course a very crucial candle in this setup. Also if you go to bigger TFs you may even notice a very supportive trendline.
To sum up, Entry at 150 levels keeping SL at POC and respective targets give us a perfect swing setup that can be achieved within 1-2 weeks if the overall market sentiment remains bullish . Happy Trading!
great analysis, by when approximately do you expect the target of 170?
UnknownUnicorn21160479
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@SK_tron, 7 to 12 days if the overall market sentiment remains bullish
Robert_Oppenheimer
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170 as T2 is a good target and stands as a good reisistance. Price hit there and reversed. On a bigger trendline, the price will cross 170 to levels of 180 before it reverses again. This sector seems bullish. Lets see how it pans
UnknownUnicorn21160479
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@adithya_ramani, yes I agree 👍
SK_tron
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do you expect it to go up again?
rajsurya2294
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now cmp 158.15...It will go down or will reverse from here