jsayali24

Inverse Head and Shoulder failed breakout

NSE:HINDPETRO   HINDUSTAN PETROL
HINDPETRO
Hindustan Petrol had a head and shoulder breakout on the daily time frame.
However, it failed and has formed an inside bar candle.
If the support at 237 fails and price goes below 200 DMA on 1HR timeframe, we might see a downfall towards 220 levels.
If the price takes support at 237, it may consolidate below 244-250 for some time till we have a breakout on the trendline on 1 Day timeframe.
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