AbhishekHSinghCMT

ChennaiPetro- Look for a bounce in the zone 292-293

Long
NSE:CHENNPETRO   CHENNAI PETRO CP
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2
This is a corrective wave which started at lows@277.25 as per morning update below -shall be looking for 292-293 zone as possible bounce & then with stop above 295.50 -we will go short -which I will update later.

Trade active: 08:40 Hrs- IST-14th Sep2016

Prices likely to bounce in the zone 289-290 -if goes above 291-then we will look for 294-295 but yes, it should prove correct & later we shall expect another fall.
Trade active: 09:25 Hrs-IST-14th Sep2016

Those who have taken long positions today in the zone 285-285.50 should trail their stops to cost price & shall hold for target 289-290 first above 291 -can look for 294-295

Warning
If goes below 285 -exit long at cost price & wait for CP to go below 281 swing low to give us confidence that downtrend has started back.

In that case I shall come back.
Trade active: 09:35 Hrs-IST- 14th Sep2016

Sometimes you have to leave some of bit of profits for someone else - we will go short below 281 & if sustains also if it goes beyond 290 then possibly it goes to 294-295 which could be looked as trading opportunity.
Trade active: 11:11 Hrs- IST- 14th Sep2016-
Here we come -Bang On Target -its day high for ChennaiPetro@292. 40 - Vow

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

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