Petronet exited channel. Pullback at 23.6% or 38.2% fib level.The Indian Oil Ministry plans to promote the conversion of one-third of existing long-haul trucks to LNG from diesel, as per a draft policy. Additionally, it aims to mandate that a third of new trucks operate on super-chilled gas
This initiative may boost the LNG sector and promote a cleaner energy transition in transportation, potentially enhancing demand for infrastructure and technology related to LNG fuelling stations. The trucking sector could see a shift in investment opportunities towards LNG vehicles, impacting automotive and energy companies positively
Petronet in a good spot for the same. Technically, price exited channel (profit booking happening after target 3 is achieved). Pullback will happen at 23.6% (326) or 38.2% (295) fib level. At worst case 50% fib level 271. Monthly & Quarterly chart looks good. Considering RSI touch points, reversal could happen now.
