NIFTY_OIL_AND_GAS - Short term bullish view? Check the alt view

Jan 5

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.

Jan 13

Trade active

Triangle it is for the 4th wave.. We might go down by another 700-1000 points on this OIL & GAS Index.. But never trust the 5th wave.. trade cautiously.. It is better to wait for this move to play out..