This update is dedicated to hope- We Indians call this as "asha". If we can work on emotions like hope, fear & greed - we can turn into a better trader.
Fortunately, last week I was reached by a colleague - Mr. Ashu & he asked what should be done in HPCL as it has been falling. I replied back in comment section of Last update - Hind Petro - Catching A Falling Knife-Is an Art or Magic!@300
Last Update
Ashu I am Long - kindly review once. Myself Long at what levels as I suggested that going below 309 will have to be checked. Levels are sacrosanct. Never ignore them - you have to book losses if you are trading short term else HPCL is good for 10-15 days next but has some trigger points as 320 which is very important level to cross on upside for 330-350 targets. Below 302 -300 zone is important going above 311-312 shall be the clue for upside next. Ashu I am long from 313 levels. Can easily hold for 10-15 days to even a month. Any positional stop loss now? Thanks for help. Myself 300 - 302 is very important zone -should not be breached downside & Intraday 305 -day low - bullish harmonic structure in early stages - if gets blown up -could take to 311 -It has to cross 311 & sustain to move even further upside- crossing 320 -everyone will join for upside.
Trading Strategy - What Next? As suggested crossing 320 levels we shall look for 330 & holding above 330 levels -our next target zone shall be 350 & even more. Zone of 300-302 was very important & not moving below & coming close kept our "hope - asha" alive. Holding & going below 325 levels - Next support zone 320 - 321. Going below 320 -we shall look for 310 - 313 zone (Price should hold in that zone) as re-entry zone but surely it should hold above 310 for any intraday opportunities - critical zone shall remain same 300-302 for expected bullish move in next few days. Below 300 - Pattern invalidates.
Wow! - dropped below 325 to 320.25 lows & holded as suggested above in trading strategy.
Trade active
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09:28 Hrs 19th June 2018
Last Price@313
Opened Gap Down at 318 - Below 320 - slipped to 310-313 as suggested - 311.50 is day low.
Trade active
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09:37 Hrs 19th June 2018
Last Price@313.10
Any Intraday Bullish Opportunity only if 310 holds as suggested - Turns very close from 311.20 - We shall trail our stops just above 311 so we do not loose anything.
Trade active
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11:35 Hrs 19th June 2018
Last Price@311
Just on the brink of 310 & making its attempt from 310 as suggested. Low-310.05
Trade active
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12:18 Hrs 19th June 2018
Last Price@313.90
Current Low@310.05 ----------- That was our magical level@310 - some sign of reversal right at the cliff.
OPEC meeting is on Friday. There is a possibility of increasing production. If that happens crude will fall more and HPCL will 🚀.
Thanks, @AbhishekHSinghCMT for the trade and guidance.
Wish everyone a happy and profitable trading.
WaveTalks
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@ashu_shah, Welcome! Do plan your trades accordingly as per suggested levels in the trading strategy of the update.
ShanTrader
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Superb !! Once again an amazing analysis and call !!