The support and resistance lines are followed by the script. Looks like a good buy at the current price. Target 180 to 190. Stop-loss 138 with a risk-reward of 1:5. That is about a 27% upward move over 4 to 8 weeks. Triangle patterns are my strength, but this script is trading near its support zone. Should work out well...
there's golden crossover of 50 and 200 ema in 1 hour time frame, what's your views on that, can that be a good confirmation
Stock-Holmes
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@vinayns21, Hi. I appreciate your observation. After trying multiple indicators I had settled for trading with triangle pattern/price action with RSI and trendlines. I'm comfortable trading with these alone with a good success rate. Each one should be having your preferred chart pattern and indicator. Don't go for multiple scripts. Look for a good performing sector, choose one or two scripts that show good technicals, and take an entry. I had bought 100 shares of GAIL today. 141 to 142 seems to be good support. I'll accumulate more when it falls to support level or when it breaksout. I was expecting around 25% move over 4 to 8 weeks. The script should make a good move within the next one week to 10 days. If not I'll exit, unless technicals are strongly supporting a buy. I won't be holding the stock beyond 8 weeks. Happy trading.
SK_tron
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hey brother, how is it looking now? any thoughts?
Stock-Holmes
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@SK_tron, Hi bro. I'm sorry I couldn't reply in time. Technically I don't find any weakness in GAIL. It had moved out of trendline and now is taking support on it. Should worry only if the share price drops below 144. And yes, when the entire energy sector had rallied GAIL has been consolidating for some time now. I feel it will start its rally soon. There is still a lot of energy left in the nifty energy stocks. You can see the nifty energy chart. Looks like there is a small retracement and support being taken at the previous high. I feel only 60% of the rally is done so far... Please share your views about it.
SK_tron
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@Stock-Holmes, yes i am also hoping that GAIL will start its rally soon, but everyday it is dissapointing , and also nifty energy upper trendline is around 22000 i think, so when it reaches there it should reverse but GAIL is still in this range even when more than half of NIFTY energy rally is done, IOC followed it perfectly well, I am not sure what exactly is happening to GAIL, i also notice that the huge red candles on 1 hr TF are with very less volume, what are your thoughts on that?
SK_tron
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good analysis brother, but GAIL has been consolidating for last 2 weeks when IOC,BPCL ,COALINDIA and Nifty Energy were shooting up like anything, should that be something to worry? do you have any thoughts on that, would love to hear. thanks