Adnoc distribution is holding up well right at the support zone and I think its ready for a new leg to the upside. It has established its base at 3.70 and now its gearing up for the move. Overall this stock is still in a downtrend BUT its trying hard for the reversal. If at all we can see a closing above 3.90 then we can say that now price is in bulls territory....
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...
Once we see a candle close above 3.10 it will be in bulls territory. So this is the time you put this stock in STALKING mode and wait for the breakout.
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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.
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Its very bullish we mite see some weakness at current levels but over all this is very bullish and very soon it will hit 5.00 ride this move. Any dip from now is a buying opportunity!
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Its been at the support level for so many days now, with last candle giving us signals to buy i think coming week should see more upside momentum. Overall still bullish!!
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