Double Top Pattern
1. Double Top Pattern is a Trend Reversal Pattern.
2. In this case the trend prior to the Double Top Pattern was clearly an Uptrend.
3. Bandhan Bank broke the confirmation line and a good entry, in this case, would have been @ 374 on 15.01.2021 using the Retest Entry Technique.
4. Target would have been the Height of the Double Top Pattern or...
The brokerage values ONGC NSE -0.45 % at 4x FY23E EV/EBITDA to arrive at Rs130 TP, assuming USD2.3/2.7 APM prices for FY22/23. Under a blue sky scenario - USD60/bbl Brent, USD3.5/mmbtu gas price and KG-DWN-98/2 ramp up, FV comes above Rs170/sh.
All observations on chart.
At lower end of trend line stock has formed a reversal pattern, there a huge volumes in last to sessions.
This is a low risk entry point, on lower trend line of wedge pattern.
Check previous idea for expected breakout, but it failed and stock came down and took support on lower trend line.
HINDPETRO | Promising consolidation - Looks good for 50% - Big move above 232 zone.
Making of W pattern
Consolidating in Flag
CMP : 220
SL : 200 (Just for this position)
Target : 330
1:5 risk reward setup