1) On Daily Time frame, Finally it has broken and closed above 200 DMA. 200DMA is placed at 236.74 level.
Only negative thing is that volume of today was less than yesterday as well as just below averange of 21 days.
Please refer below chart : Daily time frame. ...
I am posting this on request from one of the follower.
1) On Daily time frame, we can see that 21DMA has made crossover of 100DMA.
As per theory when the small moving average crosses above big moving averange then it will be a sign that a bullish move is going to come.
But this doesn't work all the time. This is just a...
Petronet is a fundamentally good company, but just like ITC it is a laggard imo. The thing with companies like these is risk-reward ratio and also dividend yield. Need a lot of patience for this one. So I will keep this for at least 1 year.
Also, Petronet to make foray into petchem business. So let's see
I am selecting PETRONET again for 07-09-2021.
1)On 15min Time frame today we can see that it has broken out from the parallel channel and also closed above 230 level.
Tomorrow if it sustain above 230 level then we can see a good upmove.
Please refer below chart : 15min time frame.
1) On Daily Time frame, if you can see that level 230 is working as critical level since long time. It was working as both support and resistance since long long time.
Please refer below chart : Daily time frame.
2)Also, on Daily Time frame you can see that it has closed above 100DMA but...
The stock was in a downtrend with contraction between the upper and bottom resistance lines, forming a wedge pattern.
It has broken out of the pattern with substantial volumes.
Position can be taken near current price, keeping the stop loss near 216 levels, for a short term target of 232.5.
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