Price is trading at a "value high".
Suppose to extend price rotation as drawn in the chart then Spike is ready.
The 30min can close above 148.7 then, 90% chance to make spike for targets 151.5 and 152.25.
While Spike volume should more than average volume, for instance, 2x volume will confirm the spike.
Support at 147
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Gail India has been consolidating from an uptrend for more about 10 months now forming a pennant.
This Pennant has been broken last week. Its certainly worth checking the breakout is sustainable and then join the LONG ride!
Gail India : Has formed Shooting star candle stick pattern after good up move. This is a bearish pattern.
Also noticed it has rejected 200 EMA which adds more confidence of expecting weakness in this counter.
If starts trading BELOW Friday low then this patter is valid.
GAIL INDIA LTD NSE: : GAIL : Long & Short Analysis
Upper Levels : 330 ,332 , 335 ,337 , if breakout trendline then next stop at 341
Lower levels : 323 , 317 , 314 , if ssutains below 314 then next support at 311