I will go LONG on HINDPETRO because:
The price is forming a Chanel or Rectangle Pattern .
The price is also under Support/Resistance zone.
It has touched the support (lower end of rectangle ) and may reach the resistance zone (upper end of rectangle ) .
Target would be the Resistance area . Book profit when it reaches the resistance zone .
Entry - 175
Hind petro has been bleeding since months. In previous day session it closed at 171 which is its a good support. If you zoom out its chart on weekly time frame
you will find this zone is very crucial for Hind petro (171-164). So, swing short should be avoided and anybody having postiion on short side they must book their profit.
If a bounce came from here and...
HindPetro has given a perfect bounce from its support and is now poised to cover higher grounds.
On Balance Volume is steadily rising indicating investors increasing confidence
Can go Positionally Long with the first target of 208
Keep an eye on Hindustan Petrol. Expected momentum is in upward direction.
Reason to Buy:
1) Forming a triangle pattern
2) Taking support on weekly as well as daily trend line.
3) Formation of 'W-Pattern' (wait for neck line break)
Stop-loss must be below the previous immediate swing. RR ratio must be calculated and traded accordingly.
HindPetro has announced its results, and my first impressions are that they are exceptional. During times of lockdown, petroleum sales would be one of the most affected ones. Take the example of commercial flights. Their demand have reduced by more than 90%. They are one of the top consumers of petroleum and when their demand falls, automatically, demand for fuel...
Hindpetro is about to reach a strong a key level
Both of the two are important.
Based on price action 5 things can happen.
1>Breakout and continue
2>Test the level and reverse
3>Price consolidates near that level(sideways)
4>Fakeout and reversal
5>Retracement & continuation
So take your trade with confluence
and if further assistance is needed always contact 9831633793