NSE:PETRONET is showing an interesting breakout pattern.
It is breaking out a pennant pattern formed since last 3 yrs with an excessive high volume.
Structure wise it is also creating an higher high patten.
Lets wait for the price to correct upto it's support level of 240. Then its a good price to acquire for a potential price target of 300. SL can be kept at 210.
Stock Name - Petronet Lng Limited
Ichimoku Cloud Setup :
1). Today's close is above the Conversion Line
2). Future Kumo is Turning Bullish
3). Chikou span is slanting upwards
All these parameters are showing bullishness at Current Market Price
and more bullishness AFTER crossing 231
#This is not Buy and Sell recommendation to any one. This is for education...
Stock Name - Petronet Lng Limited
Ichimoku Cloud Setup :
1). Today's close is above the Conversion Line
2). Future Kumo is Turning Bullish
3). Chikou span is slanting upwards
All these parameters are showing bullishness at Current Market Price
and more bullishness AFTER crossing 222
#This is not Buy and Sell recommendation to any one. This is for education...
NSE:PETRONET
Observations:
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.
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Trade Setup for Date...
NSE:PETRONET
I am posting this on request from one of the follower.
Observations:
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...
NSE:PETRONET
I am selecting PETRONET again for 07-09-2021.
Observations:
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.
2)On Daily Time frame we can see that after...
Petronet has been facing resistance around 230 levels from last many days.
Now it is looking ready for Breakout. RSI is also hovering above 60 levels.
SL - 220
Target - 247
NSE:PETRONET
Observations:
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 still below 200DMA. One good thing is...
Petronet
CMP - 242
Stop - 230 on DCB
Expectation -
1 - 270
2 - Review at 270
Expected Holding Period - 40 trading days or earlier
Ideas being shared only for educational purpose
![PETRONET: Simple Trade Setup | PETRONET | 24-09-2021 [INTRADAY]](https://s3.tradingview.com/2/2KdaNjmz_mid.png "Simple Trade Setup | PETRONET | 24-09-2021 [INTRADAY]")
