SNGP trade ideas
SNGP | GRAVESTONE DOJIThe daily chart of SNGP shows a strong bullish trend that recently pushed the stock to new highs, but a potential reversal signal has emerged. A Gravestone Doji has formed near the top, a bearish candlestick pattern that suggests buyer exhaustion and possible trend reversal. This is particularly significant as it occurs after a strong upward rally and near a resistance level. Volume remains notable, signaling high market activity around this level. If the price begins to decline, the key support zone between 115.50 and 118 could act as a cushion for a potential bounce. A break below the support zone may confirm a corrective move.
Cup & Handle Formation in process but Cup & Handle Formation in process but Yes, there is a Bearish Divergence
on Weekly Tf.
Resisted exactly from the mentioned level around 118.
Could not Sustain this level.
Now Weekly Closing above 104 - 105 is important.
Next Support lies around 96 - 97
If 118 is Crossed & Sustained, we may Target around 145 - 146.
Cup & Handle Formation in process but..Cup & Handle Formation in process but Yes, there is a Bearish Divergence
on Weekly Tf.
Resisted exactly from the mentioned level around 116-117.
Could not Sustain this level.
Now Weekly Closing above 104 - 105 is important.
Next Support lies around 96 - 97
If 118 is Crossed & Sustained, we may Target around 145 - 146.
SNGP due for another rally on 1DSNGP is in uptrend and is printing HHs and HLs on 1D timeframe. Recently, between Jan & Mar 25, it has formed a cup and handle pattern indicating another rally upon breaking of resistance area 113.09-115.34. There being no negative indication on RSI, I would put my Buy Stop on break above 115.34. The potential target is 145.08. SL is placed under the handle at 108.01.
Recommended booking of TPs is:
TP1=122.67
TP2=130
TP3=137.33
TP4=145.08
Good luck.
Bearish Divergence has started appearing but...Bearish Divergence has started appearing
on Weekly TF but not yet on Monthly, so
a pressure might be seen around 116 - 117.
& Sustaining this level will expose 135 - 138 targets.
On the flip side, 101 - 109 may act as a Good
Support zone in case of pressure.
SNGP - LongIt is a slow item, but due to IMF pressure prices of GAs will increase for industry and residential customers which will benefit SNGP. Also, their line losses have reduced singificantly that will improve thier profitability.
I am eyeing a long-term target of Rs 165
Short/medium-term targets are Rs 104, 115 and 124
SL and retesting area 91.5 to 92
Technically Buy Fundamentally No TouchFundamentally, PSX:SNGP has a serious issue due to its valuation i.e Decreasing Free Cash Flow and ROE.
Therefore I am not taking a long term position
Technically: I am still interested in it. A Bullish reversal @84 area can lead to Buy position till 137. We need this confirmation on both Daily and Weekly timeframe.
Still Bullish on Bigger TF.Still Bullish on Bigger TF.
But the Bearish Divergence is
not letting it move upside. However, it is
currently near its Trendline Support. It
should bounce from 95 - 96.
& If 91 - 92 is broken, we may witness 85 - 86.
On the flip side, Crossing above 104 - 105 may
lead it towards 114 - 115 initially.
Fundamentally very strong. While technicals to confirm positionThe support zone had been drawn on Daily FM.
It was in the channel for as long as 180 days.
The channel was broken in October 28 providing with the 52% return.
The weekly support at 79 is already confirmed by 61% Fibbonacci from its current uptrend.
A close and candle pattern above this level will boost the price further to 136.
Traders Please avoid the above. As these analysis for one year.
Make it or Break it..Selling Pressure was observed in last
couple of trading days.
But still it did not break its HL yet & is Still
Bullish on Bigger Time Frames.
Currently it tested its Trendline Support;
so this can be a Make-it or Break-it Level.
It has the Potential to touch 124 - 125 once
it Crosses & Sustains 116.
Still Bullish on Bigger Time Frames.
Immediate Support seems to be around 92 - 93
which is also 38.20% fib level.
In the worst case, 80 can be tested which seems
bit difficult as of now because of other Bullish
indicators.
Resistance for now is around 99.50 - 100; crossing
it will lead the price towards 110 - 111.
SNGP | Swing Trade SetupSNGP shows a symmetrical triangle pattern, which often indicates a breakout either upwards or downwards as the price narrows into a point. In this case, the price appears to be breaking out upwards, supported by strong bullish momentum. The chart has three clear target levels: TP1 at 81.50 PKR, TP2 at 93 PKR, and TP3 at 104.64 PKR. This suggests a potential for significant upside if the breakout is sustained. Historically, the stock was in a strong downtrend from 2017 to 2020, followed by a long consolidation phase, and is now showing signs of recovery with possible upward continuation.