Gail- looking ugly.

GAIL is in a downtrend in the smaller time frame and a possible head and shoulder formation on the longer timeframes. So doesnt look like a
good time for long term investment in this.

For intraday, a clear break above the orange line could send it to the red line above. Support at green line for longer term perspective.
Nov 26
Trade active:
As expected, we saw selling in GAIL India today and we found a new zone for price acceptance which is our overhead resistance zone now. In the longer time frame, we are still above the neckline but it is looking weak. a break of the neckline would confirm trend reversal. However, we seem to be headed for a trend reversal. We might head to our support at 336 and then at 331 tomorrow. For intraday, 346 ish region is ideal to take position if we get there with trailing stop losses. Over all I am still bearish on GAIL India
Nov 27
Trade active: Against my expectations, Gail bounced from the 339 levels. The head and shoulder seems to be still in play if we break the resistance near 350. We saw some good momentum today with buyers taking control in the last hour of the session. The RSI in the lower time frame seems overbought so we might retrace to our support levels in the first half tomorrow and bounce from there. 364 is still in play here.

Nov 28
Trade closed: target reached: It played just like i expected it to play except it did not bounce. Decreasing open interest indicates trend reversal as well


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