Chennai Petro- An Accumulation Wedge at 296.90

There is some counts change - as market proved me wrong this time.

Accumulation Wedge- A possibility, In this pattern price forms a resistance which it formed in 293.80 -comes back & again tries to take out the resistance which it did & formed a new resistance at 296.90 then falls back again in the pattern finally to take out with a large bull candle.

Trading Strategy- Prices should fall to 296.90 handle or close by & start bouncing -there could be long opportunity (obviously -you have put the recent swing low as stop trade), but as a trader -you have to keep a watch & let say if prices go below the 289.35 swing low then likely bears will come into action.

Previous Update - Channel was broken at 289 -went to 285-286 handle & bounced -so always a trader has to put cost stop loss so that he doesn't lose anything even if the trade washes him out.

Previous to Previous Updates- we travelled big distance from 312 to 277 bottoms & even got the bounce from 277 to 292.

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

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