echnical Analysis: OIL INDIA LTD (5-min chart, Short-Term Setup) Chart Overview: The chart shows a V-shape recovery followed by a higher-high and higher-low structure.
Fibonacci retracement is applied from the swing high (~392.35) to the swing low (~323.90).
Price has now retraced close to the 0.5 (362.80) and 0.382 (373.80) Fibonacci levels.
A resistance zone lies near 373.80; price is currently around ₹367.70.
Trade Setup:
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Trade Direction: Short-Term Bearish to Range-bound, as price is at a potential resistance zone (near 0.382 retracement) and showing signs of rejection.
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Entry (Short Position): Entry Price: Around ₹368–370
Price is stalling just below the 0.382 Fibonacci level and struggling to break above resistance.
- Target (T1, T2): T1 (First Target): ₹362.80 (0.5 Fibonacci level, previous breakout area)
T2 (Second Target): ₹356.35 (0.618 Fibonacci level, demand zone)
- Stop Loss: SL: ₹374.00
Just above the 0.382 level to allow room for volatility and avoid stop hunting.
Risk-Reward: Entry: ₹368–370
Stop Loss: ₹374
Target 1: ₹362.80
Target 2: ₹356.35
RRR:
For T1: ~1:1
For T2: ~2.3:1
Support & Resistance Levels:
Level Type Commentary ₹373.80 Resistance (0.382 Fib) Key rejection zone, price turned from here ₹362.80 Support (0.5 Fib) Pullback level, first support ₹356.35 Support (0.618 Fib) Strong buying interest earlier ₹392.35 Resistance Previous major high ₹335.80 Strong Support 0.786 Fib, previous reversal area Volume Analysis: Volume spiked at the low (~₹324), suggesting accumulation.
Volume has tapered off as price approached resistance (~₹373), which may hint at weakening bullish momentum.
Summary (Short-Term View): Bias: Mildly Bearish (due to resistance and Fibonacci rejection).
Pattern: V-shape + Rising channel.
Indicators (implied): Potential bearish divergence and volume weakening at resistance.
Action: Watch for rejection candles or bearish confirmation around ₹368–370 for short trade setup
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