I hope you can now see how Gail represents an excellent low risk profit entry setup allowing you to trade in the market. Take positions so that the risk/reward is in your favor.
Knowing why, where & when a strong reversal signal is being generated will be the only way to capitalize on your technical analysis .
Disclaimer: It should not be assumed...
GAIL is in consolidation mode with below average volumes which is a prerequisite for a consolidation.
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Note: This is for educational purpose only.
There seems to be a W - double bottom pattern formation in play. Moreover, there seems to be a bullish hammer formation at long term support. If the W top is broken with high volume, there will be more upside.
GAIL (India) Ltd is India`s flagship natural gas company integrating all aspects of the natural gas value chain including exploration and production, processing, transmission, distribution and marketing and related services.
Though the International Natural Gas Prices acts as the LEAD INDICATOR for GAIL Share Prices.
Don't take my word for it, go and check...
Ascending wedge forming with a target of 80-85. But there's a possible leading diagonal wave count that could take it first to the resistance indicated by the green horizontal lines above the current market price before moving down.
Gail is following a trend and it broke an year old resistance line. Support and resistance lines are drawn so place your trades accordingly. Well in weekly charts it has formed hanging man candlestick pattern which in uptrend is a reversal pattern.
DISCLAIMER: This is one of my personal view and not a recommendation.
₹100 is a strong resistance point, if its broke ₹105 could be a nice bet.
₹96 would be a strong support point, if its broke ₹92 could be a good bet.