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Crossing the hurdle: Positional trade in PetronetPetronet LNG has been in consolidation phase from 2019 and is frequently seen as giving whipsaws at the 40 day EMA. It made an all time high of 299 and from there it started its sideways journey. It formed a triangle pattern and on 15th Januray gave a breakout with above average volumes.It even briefly tried to test the all time high of 299. The long term Relative strength (Red line) too has turned positive for the time period. If this level is crossed petronet could go till 350-360 levels. The risk present here is that for the very short term the stock is in a weak zone as overall markets have seen selling. (This is not an investment tip. Please do your own due diligence)
NSE:PETRONETLong
by sreeragvinod8
PETRONET LNGNSE:PETRONET It has managed to close above 240 which is a good support, can be considered for long with a target of 248, 252 and being a slow mover in few days might hit 259. ********************************************************************************************************************************************** Hi all, Its pleasure to have you all here. I have started putting these charts as a contribution from my side to all people who are new to business, as I had to struggle a lot without any sources at disposal. So please consider this a just small contribution from my side. Few Honest Disclosures: 1. Any idea shared is my personal view, its not a recommendation, neither any kind of paid propaganda, so please do your bit of research. 2. Ideas shared does not mean that I trade all or have position in them, this is just a helping hand to all. 3. I expect no comments or like nor any negativity, as I said its just a small helping hand from my side, please plan your risk and trade as per your capacity. 4. To trade in Cash, options or futures is your sole choice and your own risk 5. I am no expert in Tech Indicators, I believe in support resistance and trendline theory, you may use this as a supplement theory for better results. 6. I work for my own living, this is a hobby which I do sincerely to help anyone who might come across my charts. ***********************************************************************************************************************************************
NSE:PETRONETLong
by akkshay11
PETRONET LNG LTD S/RSupport and Resistance Levels: Support Levels: These are price points (green line/share) where a downward trend may be halted due to a concentration of buying interest. Imagine them as a safety net where buyers step in, preventing further decline. Resistance Levels: Conversely, resistance levels (red line/shade) are where upward trends might stall due to increased selling interest. They act like a ceiling where sellers come in to push prices down. Breakouts: Bullish Breakout: When the price moves above resistance, it often indicates strong buying interest and the potential for a continued uptrend. Traders may view this as a signal to buy or hold. Bearish Breakout: When the price falls below support, it can signal strong selling interest and the potential for a continued downtrend. Traders might see this as a cue to sell or avoid buying. 20 EMA (Exponential Moving Average): Above 20 EMA: If the stock price is above the 20 EMA, it suggests a potential uptrend or bullish momentum. Below 20 EMA: If the stock price is below the 20 EMA, it indicates a potential downtrend or bearish momentum. Trendline: A trendline is a straight line drawn on a chart to represent the general direction of a data point set. Uptrend Line: Drawn by connecting the lows in an upward trend. Indicates that the price is moving higher over time. Acts as a support level, where prices tend to bounce upward. Downtrend Line: Drawn by connecting the highs in a downward trend. Indicates that the price is moving lower over time. It acts as a resistance level, where prices tend to drop. RSI: RSI readings greater than the 70 level are overbought territory, and RSI readings lower than the 30 level are considered oversold territory. Combining RSI with Support and Resistance: Support Level: This is a price level where a stock tends to find buying interest, preventing it from falling further. If RSI is showing an oversold condition (below 30) and the price is near or at a strong support level, it could be a good buy signal. Resistance Level: This is a price level where a stock tends to find selling interest, preventing it from rising further. If RSI is showing an overbought condition (above 70) and the price is near or at a strong resistance level, it could be a signal to sell or short the asset. Disclaimer: I am not a SEBI registered. The information provided here is for learning purposes only and should not be interpreted as financial advice. Consider the broader market context and consult with a qualified financial advisor before making investment decisions.
NSE:PETRONET
by zenthosh
Petronet LNG #PSU worth to look for!Is it gonna break multi-year range? With recent Q3 results I can assume that the price action got the support of Fundamentals as you can see the price just attempted to break its barrier though it is unsuccessful; looking at the similar pattern before -- the current structure almost resembles the pattern the stock is following. like historic pattern, price being above the R1 pivot gives confidence that it will eventually break out of the range and inch higher #PSU
NSE:PETRONETLong
by shivalingesh