the 30 min chart reveals lot of support for the script in the band 350-360......huge resistance at 380 + area ...one can safely short the 380 CE n 350 PE...
It is been observed on the daily chart that the price action is forming a descending triangle indicating selling pressure by the big players. It shall further move down. Regards
Target 1: 370
Target 2: 360
Stoploss: 385
1. There is a resistance zone (daily).
2. In past Price has reversed from this zone.
3. Price has not yet broken this zone and there are around 7 candels at the same price There is a high possiblity of price reaching to Target at 338.42. Price may go down futher however it will be safe to close the trade at 338.42
4.There is good risk reward ratio. There will...
On hourly chart, the price action is trending in a downward trend channel as it is making lower Lows (LL) and Lower Highs (LH) indicating weakness and bearishness.
Refer to educational series on Channels to understand it better. (Links provided below)
Target: 317.50
Stoploss: 340
It is been observed in the price action of petronet that after a steady rally, it consolidates in symmetrical triangle formation where there is buyers and sellers indecision with price actions. On the previous symmetrical the buyers took control and we got an upside breakout with high volume and it rallied well to 340 levels.
Now, the price action has come again...
After a big breakout from 300 levels, it is been consolidating for a while and now it seems like a symmetrical triangle and it is high likely to breakout downside as it may retest 300 levels to confirm a new support. Looking forward for tomorrow's price action.
Target (If go down): 300 SL 312
Target (if go up): 318 SL 308
