NSE:HINDPETRO Looking bearish below 300 now. It has given a breakdown from upward channel pattern and continuing downward trend by giving a breakdown from this channel pattern. Short below 300 after passing a retest from channel's trendline resistance. Hind Petro has a strong support zone near 375 following a long term trendline. it may reverse from it and can give a reversal after touching 372-375.
Trade active
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CHANNEL BROKEN WITH GOOD VOLUME - YOU CAN SHORT IT WITH THE TARGET OF 277 -275 AND THE SWING TRADE FOR LONG CAN BE PLANNED WITH RETEST ON REVERSAL FROM THE SUPPORT NEAR 275 AS DRAWN IN THE CHART
I WILL TRADE LONG IN FUTURES FOR THIS SCRIP IF THE PRICE ACTION WILL RESPECT THE SUPPORT ZONE AND PASS RETEST FROM SUPPORT
Trade closed: target reached
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As planned the price took support at 275 and pulled back from that level now the 1st target has been reached . I have booked 50% Profit = 15% Return captured here.