AbhishekHSinghCMT

ChennaiPetro- Hatrick for Lasith Malinga (Back to Back)

Short
NSE:CHENNPETRO   CHENNAI PETRO CP
2
Current Rate- 282

The sheer excitement only -one can't control once a bowler gets back 2 back three wickets in a row- worked well when I wrote that we should be cautious before exactly a day before its recent results were to be announced -it was suggested that there is wedge pattern-which was perfect in place & time to occur- once identified -Boom- You are bound to be surprised with so many gifts that places will fall short.

It has travelled 161.8% in the (iii)-wave approx making a low@277.25 -which is very much clear objective for (iii)-waves

Trading Strategy- We shall be looking for a bounce again in the zone 291-293 where it shall retrace 61.8% that is maximum retracement -I shall be looking for & an opportunity to go short again for lower targets below 277.
Earlier Reports

ChennaiPetro - close to top out in 310-320 Zone- Wedge Pattern Identified

A closer look of wedge pattern

Right in the block Hole

Aren't you part of this exciting wave

Bang on for the bounce from 283 to 291

Finally -The Hatrick which completes 161.8% of the initial fall (i)- wave projected from (ii)-wave -- (iii)-wave travels 161.8% which comes to 276.15 - It almost made close low@277.25

Trade active: 12:05 Hrs-IST-12th Sep2016- It jumped to day's high@290. Currently trading at 286 looking for atleast 292-294 as a zone for possible shorting opportunity in coming days.

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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