NIFTY_OIL_AND_GAS - Short term bullish view? Check the alt view

2 days ago

Talk of the town now is the OIL & Gas Sector..

My counts and probable path are highlighted the chart.

primary view is that price could move up to 11500-700 levels in wave 4 and face resistance there..

Possible Reasons/Rationale are

Cloud Top
200 DEMA
50% retracement of the fall from 2nd wave
Trendline resistance from the top

Chart:

Alternative view is that,

Price could form a triangle here and moves sideways (in which case, the price wont move beyond 11400)




I am not a SEBI registered Analyst. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views.