PETRONET trade ideas
Petronet Showing Weakness (Descending Triangle)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
PETRONET- Short- Hourly1. 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 be always be good risk reward ratios that I'll share.
5.Short is the call
6. Idea is published for education purposes only. Please feel free to ask questions, give constructive feedback and your views. Please hit on like, it's an incentive to me and motiviates me to share more setups.
Petronet - Ranging in Downward Trend Channel (Short)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
Petronet Breaks Out from Symmetrical TriangleAfter a long consolidation, it breaks out from the symmetrical triangle by large green candlestick along with good volume.
Petronet Confirmed Upside Breakout (Intraday Buy)Breakout from Symmetrical Triangle with High Volume
Expected Target: 323 Sl 314
Petronet About to Breakout from Symmetrical Triangle 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 in range bound situation in a symmetrical triangle where buyers and sellers fighting for control of prices. It will be interesting to watch a breakout on Monday with big volumes on either side. Let see which takes the control, buyers or sellers??
Comment below what your opinion on it and whom do you think will take control over prices on Monday?
Regards
Petronet - Symmetrical Triangle Formation (Close to Breakout)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
