finogent

HINDOILEXP: opportunity for steep rise.

Long
finogent Updated   
NSE:HINDOILEXP   HINDUSTAN OIL EXPL
πŸ” Technical Analysis Update for HINDOILEXP - Week Starting January 23, 2024

πŸ“Š Current Status: The stock closed at a high of β‚Ή186.85 on the last trading day. It has been range-bound since August 2023 but recently breached a six-month high before closing just below it.

πŸ“ˆ Entry Point: Consider entering the trade if the price crosses and sustains above β‚Ή189.80 in the next day or two. This could signal the start of a bullish trend.

🎯 Target: The first target is set at β‚Ή196.40.

πŸ›‘ Stop Loss: A key stop loss point is at β‚Ή172.85, aligning with a critical Fibonacci level of 0.5 at β‚Ή172.75. This acts as a strong support level.

πŸ’Ή Key Indicators:

  • Volume: Increasing volume supports the potential bullish trend.
  • Percentage R: Positioned at the upper band, indicating bullishness.
  • Stochastic RSI: A buying crossover has occurred in an oversold situation, further supporting bullish prospects.

🚦 Overall Outlook: The stock is showing signs of breaking out of its long-term range with increasing volume and positive technical indicators. Monitoring the stock's ability to maintain above β‚Ή189.80 will be crucial for confirming the bullish trend.




⚠️ Disclaimer: This analysis is for informational purposes only and is not financial advice. Investors should conduct their own research and consult a financial advisor before making any investment decisions.

πŸ”– #HindustanOilExploration #StockAnalysis #BullishTrends #TradingStrategy #StockMarket #InvestmentTips

🌟 Stay informed and trade wisely! 🌟
Comment:
Hold
Trade active:
Target 1 achieved.

How the question as such, because a strong upside over 200 a moving average. Might lead to extended bull run.

However, the broader economic scenarios and company specific news and the global and Indian indices have to be kept in mind. While maintaining the position analyse the risk before continuing any further.

Elite Wealth Strategists
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.