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Gujrat Gas Share

Gujrat Gas Share

Gujrat Gas Share : A Fundamentally Strong Growth Stock on NSE

Gujarat Gas Ltd. is a natural gas distribution company both domestic and industrial. The company has strong fundamental and strong growth history. The Gujrat Gas share is also provided good returns to their investors after 2019.

Gujrat Gas share returns Over the Past Years

From the 2019 breakout, the stock moves higher and mark its all-time high at the price of 788.20 on 2nd August, 2021. From the breakout point Gujrat gas share price rose near about 300 % and enhance the wealth of its investors. From that level Gujrat gas stock started its correction and slowly continuing its movement to the downside. This is a long-term corrective move that started from the year 2021.

Present Price Patterns of Gujrat Gas Share

At the present price level, the stock is forming a triangle pattern on the weekly chart that has three upper trendline touch and two lower trendline touch. The formation of triangle pattern indicates both side movement as there is no clear breakout level spotted as of now.

On the daily chart, the Gujrat Gas share is not holding the level at the upper trendline resistance areas and forming some negative candles with lower volume. That is very interesting but we have to look closely at this matter.

So, the question that arise to the shareholders of Gujrat Gas Ltd is that “Is there any down move possible from that level?” or “how much time it will continue its correction?”. Before answering these questions, we have to look for the possible support areas that probably hold gujrat gas stock to slip further downside. The area is 400-390. So, further down move is possible till 390-392 i.c 10 % from the present level. According to technical analysis, further downside below 390 and sustaining below 390 level is not desirable from the share price of gujrat gas.

Ending Correction and Potential Upside of Gujrat Gas Share

Let’s talk about the upside potential of gujrat gas share. Look at the weekly chart, where stock starts its correction from August, 2021 and continue slipping downwards.

The first portion of the correction is completed by 5 waves structure that consists 3 impulsive move and 2 corrective moves and in this first part the share price of Gujrat Gas falls near about 48 % from the highs. But after that the stock is forming a range and the upper range showing 540-542 level while the lower range indicates 392-400 level. These two zones will act as an initial resistance or support areas for this stock. But, if it breaks out and sustain above mentioned resistance level then only the possibility of completion of correction is happen.

 

READ ALSO ||| HDFC Bank Ltd: A Growth Stock in 2024

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