iCharts Discussions

[pradeepgolfer]

For a positional short the stop is at 134.6 or 136.2 but i would not advise it because it has to break 124.65 before real weakness comes
on the weekly it has tested 114 levels,formed a minor double bottom and moving up.
In the last 64 weeks,on the weekly charts, essar oil has closed below 127.10 only 3 times.
I advice a long position since it is less risky with a stop below 125.65 or below 114.65
It is quite possible a sharp move is in the offing on the upside. But you have to be patient and be prepared perhaps for a 4-8 weeks wait before breakout will come.Weekly swings are reducing in lenght so breakout may come sooner than that.