Are you LONG on OIL & GAS Sector? BPCL/HP/IOC
The 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.
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.
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
Feragatname
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