Hindustan petroleum-75 min chart indicates the price has fallen out of the symmetrical triangle. Further move is likely to south as the selling volume is also high. Can it reach the the apex of the triangle at 492 The setup is invalidated above 515
Regards Karthik Bharathi
Trade closed: stop reached
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The stock took support in the previous gap zone. Also it reached the stop by a spike. Didnt go the way it was expected.
Comments
shiv2798
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Karthik is price holding Gap as support ? or it will move to target ?
skbharathi
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@shiv2798, nicely pointed about the gap shiv bhai. Now the stop may be suitably modified a little above 507. By observing the red volume bars, it is likely to move towards . also you can see a similar gap 509-513 which acted as a support couldnt resist the downfall.