Essar Oil heading towards 67-68: Mitesh Thacker
"Essar Oil is probably heading towards targets of 67-68. The good part is that it went through breakdown, sustained that and has bounced back."
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| Updated: Mitesh Thacker, Technical Analyst, miteshthacker.com, in a chat with ET Now, gives his call on Essar Oil.
What is the call on Essar Oil?
With the negative news we had a very big price gap four-five trading sessions back and then upmove came back. Today it managed to get past the short term averages. Negative news has been absorbed. You might follow it with some kind of gratification, but the overall structure is definitely improving.
This is probably heading towards targets of 67-68. The good part is that it went through breakdown, sustained that and has bounced back. So, typically these rewards are stronger than we expect so. 68 is the first target but I would not be surprised to see even higher levels.
What is the call on Essar Oil?
With the negative news we had a very big price gap four-five trading sessions back and then upmove came back. Today it managed to get past the short term averages. Negative news has been absorbed. You might follow it with some kind of gratification, but the overall structure is definitely improving.
This is probably heading towards targets of 67-68. The good part is that it went through breakdown, sustained that and has bounced back. So, typically these rewards are stronger than we expect so. 68 is the first target but I would not be surprised to see even higher levels.
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