PETRONET trade ideas
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
Petronet LNGTraingle set up in the Stock can go either way.
Once key levels break we can take position.
PETRONETLNG1) Ascending triangle formed wait for a clear breakout
2) < 255, T1 - 250
3) > 261, T1 - 270
A PERFECT FIT "BUY ON RUMOR SELL ON NEWS" We are at an important juncture EOW X for expanding flat of W 4 of cycle degree....lets witness some lower levels
