Expected bearish move in Confidence Petro
NSE:CONFIPET CONFIDENCE PETRO IND LTD
US market today is very bearish for certain economical and geo-political reasons. Tomorrow Indian markets will copy and will move downwards. This stock which was previously in a descending triangle pattern has shown a breakout downwards with high volumes, at the ending of today's market session. Resistance level which is marked is historically tested around 4-5 times So, it can be reliable. I suspect tomorrow's opening in the broader indices would be very sharp , but don't take trades in haste. Observe the stock and wait till around 2 candles are developed in 5 min time frame. Target levels are mentioned in the image with stop loss levels too.