PETRONET trade ideas
Time to go long on Petronetis it a time to go long on petronet. My call is yes. risk to reward ratio is in complete favour. lets see how things proceed from here on.
Petronet LNGIt is showing signs of reversal from its PRZ zone of 2 bullish harmonic patterns - Deep Crab and AB=CD. It could retest 260-265 provided it does not go below 243
PETRONET FUT SHORT - Swing trade - Rejection from 50% Fib coinciding with resistance
- Clear Pinbar
Will be taking position at 50% retrace of Pinbar or at the breakdown with stop entry.
targets marked in the chart.
LNG 2 REVERSAL PATTERNBEARISH GARTLEY AND BEARISH BAT PATTTER....TOMORROWS OPENING WILL DECIDE PATTERN
Price on support lineprice can go up from here, short below 260
Note: if you have any constructive comments, pls do share
PAIR TRADE !!PETRONET LNG -VS-ONGC!!!!PAIR TRADE PETRONET-VS-ONGC!!
EXECUTE THE FOLLOWING
ONGC
DEC FUT
BUY@126.5
QTY:3750
CASH (DEL):
BUY @126
QTY:2745
PETRONET LNG
DEC FUT
SHORT @273.5
QTY:3000
!!EXECUTE BOTH TRADES!!
!!STATISTICAL ARBRITRAGE!!
!!HOLD FOR GAINS!!
!!FOLLOW UP-FOR UPDATE!!
petronet daily bearish trendline breakdown, 50 sma breakdown approaching support zone short target 255
Petronet in ascending wedge patternNSE:PETRONET
Petronet is moving in the ascending wedge pattern, respecting the lower base of the wedge, every time it touches, it bounces up from it. It has done that 4 times now.
As it has broken the upper base of the wedge pattern and closed below it after days of consolidation. It seems that, it will correct till 277 level taking support of the 50% fibonacci retracement or level of 270 (50%-38.20% of Fibonacci retracement), before it bounces again from the lower base of the wedge. Heading towards the target of 280/286+
PETRONET LNG has formed a ROUNDING BOTTOM Chart PatternPETRONET LNG is displaying a ROUNDING BOTTOM CHART PATTERN.
Stock could be on the Upmove from here.
Target 1 : Rs, 382
Target 2 : Rs, 459
Target 3 : Rs, 535
Stop Loss : Rs. 279
