Moil Ltd: RSI divergence possibility
Dear traders,
MOIL LTD NSE showed a bullish trend in last one and half year.
We can see that the chart make Impulse-correction-Impulse pattern.
The trend is bullish in daily chart.
chart action---
1. The price chart is making higher highs.
2. But the RSI making lower highs.
3. The 2 hourly chart shows a downward trend.
Possibilities--
1. By chart action we can say that there is possibility of RSI divergence. So there can be a correction movement in price also. The trend will be bullish after a correction.
2. The correction can take support from Fibonacci levels 0.78 and 1.
First support - 0.78level ,price-138.9
Major support- 1 level, price-118.85
➡️ In chart Fibonacci levels are not shown .
✓Fibonacci retracement parameters- (27nov20 to 16jun21) (price from 119.70 to209.65)
Advice-
> See the chart in daily and 2 hourly time frame for a better understanding.
Thanks
MOIL LTD NSE showed a bullish trend in last one and half year.
We can see that the chart make Impulse-correction-Impulse pattern.
The trend is bullish in daily chart.
chart action---
1. The price chart is making higher highs.
2. But the RSI making lower highs.
3. The 2 hourly chart shows a downward trend.
Possibilities--
1. By chart action we can say that there is possibility of RSI divergence. So there can be a correction movement in price also. The trend will be bullish after a correction.
2. The correction can take support from Fibonacci levels 0.78 and 1.
First support - 0.78level ,price-138.9
Major support- 1 level, price-118.85
➡️ In chart Fibonacci levels are not shown .
✓Fibonacci retracement parameters- (27nov20 to 16jun21) (price from 119.70 to209.65)
Advice-
> See the chart in daily and 2 hourly time frame for a better understanding.
Thanks
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