GUJARAT GAS LTD
This is no doubt a fundamentally good company trading at its low while its peers are trading a their higher levels. So it can be strongly assumed that this stock may perform in the upcoming time. Reasons for which GUJARAT GAS seems to be bullish on charts at least for short term:
1. Trend line support is been taken since the beginning of the month at Golden Ratio of the previous up trend.
2. A Bullish candlestick pattern has been formed.
3. The time cycle of 29 days (plotted as vertical dashed lines & rectangular boxes) indicates a reversal.
4. Risk Reward ratio is good.
The target seems to be at 504-520 with a minor hurdle at 486. SL remains to be 451 on closing basis.
CHART & ANALYSIS
ADARSH KUMAR DEY
1. Trend line support is been taken since the beginning of the month at Golden Ratio of the previous up trend.
2. A Bullish candlestick pattern has been formed.
3. The time cycle of 29 days (plotted as vertical dashed lines & rectangular boxes) indicates a reversal.
4. Risk Reward ratio is good.
The target seems to be at 504-520 with a minor hurdle at 486. SL remains to be 451 on closing basis.
CHART & ANALYSIS
ADARSH KUMAR DEY
Note
Started Moving UpsideNote
Trying Hard to Bottom Out.Fire works can be seen above 500Note
Almost Reached the First Target of 504 with a high of 502.90 punched on 29th May 2023
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