The attached chart of this Oil drilling & Exploration sector participant ( PETRONET LNG ) is indicating a beginning of a sharp weakness in the stock price.
The stock has hit 52 Week high on 22-May-17, this gradual upmove of the last 4-5 months seems to have completed, as the stock price has started to show weakness from the highs of Rs 459 during this month.
Initial evidence of a beginning of declines is visible in terms of downside breakout of the immediate support of ascending (red dashed uptrend line) around Rs 435-436
On , “Bearish engulfing” pattern was formed by Petronet as on 22/05/2017, and a “Three outside down” pattern was formed by the stock on 23/05/2017 with rise in volumes.,The above said pattern is a reversal pattern of strong reliability. It is formed at an uptrend or at a possible resistance.
Technical indicators are currently giving negative signals as the 3 days has crossed below 13 after 9 days Momentum indicators like the 14-week are in decline mode.
Daily negative swing indicator like is dominating and the daily is gradually up from near 27 levels. This pattern is suggesting that the downside trend strength is gradually increasing.
The overall negative chart setup is showing an opportunity for short trade. Look to Sell Petronet as per levels mentioned above.