Dear traders, MOIL LTD NSE showed a bullish trend in last one and half year. We can see that the chart make Impulse-correction-Impulse pattern. The trend is bullish in daily chart.
chart action--- 1. The price chart is making higher highs. 2. But the RSI making lower highs. 3. The 2 hourly chart shows a downward trend.
Possibilities-- 1. By chart action we can say that there is possibility of RSI divergence. So there can be a correction movement in price also. The trend will be bullish after a correction. 2. The correction can take support from Fibonacci levels 0.78 and 1. First support - 0.78level ,price-138.9 Major support- 1 level, price-118.85
➡️ In chart Fibonacci levels are not shown . ✓Fibonacci retracement parameters- (27nov20 to 16jun21) (price from 119.70 to209.65)
Advice- > See the chart in daily and 2 hourly time frame for a better understanding.