NIFTY_OIL_AND_GAS - Short term bullish view? Check the alt view
Talk of the town now is the OIL & Gas Sector..
My counts and probable path are highlighted the chart.
primary view is that price could move up to 11500-700 levels in wave 4 and face resistance there..
Possible Reasons/Rationale are
Cloud Top
200 DEMA
50% retracement of the fall from 2nd wave
Trendline resistance from the top
Chart:
Alternative view is that,
Price could form a triangle here and moves sideways (in which case, the price wont move beyond 11400)
I am not a SEBI registered Analyst. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views.
NIFTY_OIL_AND_GAS trade ideas
Are you LONG on OIL & GAS Sector? BPCL/HP/IOCThe resilient price move on OIL & GAS Stocks on 19th December would have convinced most of us to go long on this counter since it is showing strength in a weak market.
But if you look at the sector on the whole, it hasn't completed the final 5th leg down yet. The chart is self explanatory.
Ideally, the price must break the low at 10340..
Projected targets are marked in black dotted line.. BUT, anything below 10340 can be considered as completion of wave 5..
Truncation is still possible, but very rare.
Experts would say, dont play the 5th wave.. it is risky..
Instead of shorting for the 300-400 points downmove on the index, one can wait for the correction to get over in order to consider any long opportunities on this counter.
I am not a SEBI registered Analyst. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views.
Nifty Oil and Gas sector indicates start of an uptrend.The Nifty Oil and Gas sector looks bullish on daily charts.
Daily Chart
This week we see the weakness in the momentum when we have a negative HA candle with a strong body on the 13th of September. Now the momentum tried to recover from the weakness with 2 green HA candles. But both of these candles have a weak body.
Weekly Chart
The price looks bullish on the weekly Chart.
Conclusion: The price will continue to move in the uptrend.
Thanks
Simranjit Singh Virdi
Nifty Oil & Gas Index breakdown the Fib convergence levelChart type: Heikin Ashi
Time frame: Daily
Fibonacci Retracement Drawn Data
First Swing 18.51%
Second Swing 11%
Convergence levels:
Mark 7900 (convergence - 23.60% of first swing // 38.20% of second swing)
Mark 7713 (convergence - 38.20% of first swing // 61.80% of second swing)
Analysis Notes:
From the last 3 trading sessions the price is trading below the convergence level of 7900. Consider this as a breakdown of the level. Also the moving averages are forming a bearish crossover.
The next important level to consider is 7713 which is also a convergence level.
Thanks
Er. Simranjit Singh Virdi
Disclaimer: This is my pre market analysis and my trading journal. Not a suggestion to buy or sell.
Weakness in Nifty Oil and Gas SectorChart type - Heikin Ashi
Time frame - Daily
Indicator - Guppy Multiple Moving Average
Today we have a Red HA candle with a strong body which shows a countable decline in the momentum. Also a day before we have a doji candle at the top of the uptrend which is a sign of trend reversal. But I wait for the bearish crossover or a strong breakdown of the moving averages.
Oil and Gas Sector Index Analysis, Levels and Trade ZoneHello Trades,
I shifted my focus on the Oil and Gas sector.
From Sep 21 to Sep 23, we see the price is moving around a price zone of 7710 to 8164. This zone acts as a resistance. But recently on the weekly chart we see a bullish crossover below the resistance zone and the price has entered the resistance zone.
The HA candles indicate the upward momentum in the price. From these levels the price potentially moves to the higher levels.
Also on the daily chart we see a clear uptrend.
Wait for the breakout of the 8164 level and the price will try to reclaim its recent high levels of 8668.
Thanks
Sardar Simranjit Singh Virdi
NIFTY OIL&GAS SECTOR - CHART ANALYSISAnalysis Criteria Used:
1. Please find the Chart Analysis done for the NIFTY SECTORS for the upcoming week and the following days
2. The analysis for the Trade ideas, has been done based on Trend analysis and Chart Patterns with Volume Buildups
Focus On:
1. Always keeping your Risk Management in play
2. Using a Stop Loss; because it is your Best Friend
3. Always Plan your Trade and stick to your Plan
4. Dont overthink or overanalyse
5. Treat this as your Business and get serious about it
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DISCLAIMER:
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* Please do your own research and/or contact your financial advisor before taking any trading opportunities
** We will not be responsible for your profit or loss
*** We are NOT SEBI REGISTERED
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