ADNOC Drilling Potential Reversal from Demand ZoneADNOC Drilling bouncing from a 1H DZ, and rejected the Daily trend line, this is a good indication for upward momentum, after disappointing Earnings but positive 11% revenue higher than estimates.
Enter around 5.58 with potential target at 6 (Supply Zone)
SL 5.44 (base of the 1H demand zone and under the trend line)
Good time to jump in or add to your position.
Trade safe !
🚨 Disclaimer: This is not financial advice. Always do your own research and manage your risk accordingly. 🚨
ADNOCDRILL trade ideas
Adnoc Drilling is near a tough resistance zoneWeekly chart, the stock ADX:ADNOCDRILL has been trading in a rising channel since March 2022.
The current price is near the upper channel's boundary (resistance line R).
So, either a breakout around 4.85 - 4.90, or a rebound.
Closing below 4.40 for 2 weeks, will push the price downwards.
Above the resistance line for 2 weeks, the target will be 6.05 - 6.10
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As you can see on the chart, the price has just reached the Rejection Block this week and pulled back on it to give us a confirmation that the market will come down to our EQ level.
If you're holding just close your positions and wait for the price to reach the level it will reverse.
The comment secion is all yours for further info!
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ADNOCDRILL in accumulation phase? ADNOCDRILL currently retesting a very strong support of 3.78-3.83 levels
It has been doing that from multiple days now and we need to wait and see if it use this support level to make a new move going up or falls further to next support levels . Going further down will break the initial bull run