PETRONET trade ideas
PETRONET look very good to buyWe have Seen very good LL LH formation from last few days, we have got first HH today with very good momentum, So we can look for buy.
This is pure price action technical analysis and I do not recommend to anyone for buy or sell,this is for education purpose only, do your own research before taking trades.
Petronet About To Bounce BackTargets : 220-225 Buy range : 200-205 Stoploss : 187 Duration : 4-5 weeks
The share price of Petronet LNG is currently placed at a major value area around 203-205 levels. The corrective decline of the last two months has the underpinning characteristics of a secondary correction within the larger uptrend.
We believe the stock is likely to form a base around the major support area of 200-203 and resume its uptrend, thus providing a good entry opportunity for short to medium term with a favourable risk reward set-up.
The corrective decline from the 52 weeks high of 229.50 in the last two-three months has helped the stock price to work out of overbought conditions and discover a value area around 200-205 being the confluence of the 50% retracement of the previous major rally from 171 (December 2016) to 229.50 (May 2017) and upward sloping lower channel band joining from 171.32 to 175.80 containing entire seven-eight months up move.
Moreover, stock witnessed sharp surge in volumes near important support zone forming a “Bullish Piercing Line” chart pattern, which is said to be bullish reversal pattern, usually formed near supports (shown in blue circular object).
Also it has been observed that the stock respecting its longer term 200-EMA line placed at 197 levels, thus providing an important support for the stock going forward.
14-period daily RSI has crossed above 30 levels and heading higher, slow stochastic has given a buy signal.
We expect the stock to resume its uptrend after base formation around the above mentioned support area and head towards Rs 225 in the coming weeks, Hence suggest a Buy as per levels mentioned above.
Just bounceback - Range bound movementToday petronet lng gave just baounce back. its move within the range.
Petronet - Symmetric triangle break downNSE:PETRONET has broken below symmetric triangle
Short it below 227.20
T1 - 220.45
T2 - 214.50
SL - 238.40
buy at current levelits my choice to trade at any level
want to group trade add on whatsapp 88 06 82 84 38
i.imgur.com
target of 260??
PETRONETabove the support and MA 20, MACD bullish cross over
weekly MACD is bearish, if it crosses red colored resistance, then weekly MACD may become bullish which will support further rise of the stock
PETRONET, LONGPETRONET is a very good share from long term investment Perspective . As it can be seen in week graph, that the Primary trend of the share is uptrend and EMA 12 has been moving above EMA 26 for a very long time.
Buy set up in petronet LNGPetronet LNG take a support at 240
Now on uptrend till 275
Buy at every dip.
Petronet - Symmetric triangle break outNSE:PETRONET has broken above symmetric triangle.
Go long above 259.40
T1 - 265
T2 - 275.70
SL - 251.35
Petronet LNG - Double Bottom.Double Bottom.
Trend Line Support.
Details Mentioned in Chart.
I am not SEBI Registered Financial Advisor.
Ascending Triangle looks like PetrolNet move Up tgt 274.Ascending Triangle looks like PetrolNet move Up TGT 274
SL 248 CMP 254
Petronet - LongtradePetronet is consolidating in 23% zone for long time and has formed a double top.
It has taken support at 23% and if breaks top it will give a good breakout.
RSI and STOCH and volumes are giving buy signal.
Long entry at or above 265 with SL at 257 for T1 - 270 T2 - 275 and T3 - 285 (only if 270 is broken on closing basis).
Petronet LNGFundamentals-
1)A very attractive company in the space of Oil and Gas.
2)Company is beating the sectoral growth rate, operating profit, sales etc YoY and is growing the numbers by >20%.
3)numbers like Operating profit, net sales are doubling YoY @>20%
4)Company is cleaning its debt on YOY basis.
5)One of the leading players in the sector and is second to major players like ONGC and GAIL.
Technicals-
1)Stock announced a split 2 days back and hence corrected by almost 50%.
Keynote-->Its a good stock that can be accumulated at every dip.
Positive News1--> Huge Mutual fund holding.
CMP-214(7'Th July'2017)
1st target-300(8-10 months)
Disclaimer : I am a private Investor/trader who is just expressing his views. These are just my opinions and i am not giving any kind of free or paid calls. I am using this platform to share my knowledge and learn from other's knowledge. I might be/might not be invested in my opinions.
NOTE-->I give preference to the traders/investors who encourage me by commenting and liking my ideas.
