It is been observed in the price action of petronet 0.28% that after a steady rally, it consolidates in symmetrical triangle formation where there is buyers and sellers indecision with price actions. On the previous symmetrical the buyers took control and we got an upside breakout with high volume and it rallied well to 340 levels.
Now, the price action has come again in range bound situation in a symmetrical triangle where buyers and sellers fighting for control of prices. It will be interesting to watch a breakout on Monday with big volumes on either side. Let see which takes the control, buyers or sellers??
Comment below what your opinion on it and whom do you think will take control over prices on Monday?
on 30 mins and 120 min chart, rsi has been making lower low and price making higher low, suggests hidden positive divergence. So expect it to move up. please correct if wrong. Thanks