Daily chart, the stock ADNOC GAS is trading between support and resistance lines since mid June 2023.
A Triangle chart pattern is being formed - After the price clearly crosses the resistance line (BLUE), around 3.15 - 3.16, then the target will be 3.82, passing through some resistance levels as shown on the chart.
ENTRY #1 : BUY at touching the support line...
Trend
For now its still looking safe and in a uptrend, but i hope its not forming a head & shoulder pattern. If the pattern is confirmed then be ready for a selling scenario till about 3.30 zone
New High
On the other side, if it manages to close above 3.60 this will be a good sign that its ready to go higher and bearish pattern will be invalidated. Over all i...
Adnoc gas is stuck with the rectangle lets wait for the breakout to confirm the trend, this will be a wait and watch game as let it decide the trend, let the big boys buy this stock and then we will make the entry.
Hit like & follow guys ;)
May be there is a chance of this getting a bounce from the trend support line
Or it can go back to the strong support of 3.05 to 3.07
Lets wait and see . This correction is not due to any news
AdnocGas was going in an amazing direction making a parabolic move since inception but looks like it has entered into a correction phase
The parabolic channel is now broken and support is being established at the moment
3.17 to 3.21 is an important support channel which has been tested multiple times since the demise
Its a good time to create a partial...
Since the inception of this lovely stock its continuing a parabolic move and has recently retested its new channel median support line
Entry at current price or any where close to the support line i.e 3.35
Until this trend is not broken the move can be ridden .
If it goes below 3.20s and forms a new support and retest it then it means this parabolic channel...
