Wave 3 extended 161.8% of wave 1, and we can see a powerful rally in an extension of wave 5.
Hind Petrol Futures can hit the following targets before Oct end.
Target 1: 352
Target 2: 389
Target 3: 400
Where can we enter? The following rules can help you get the perfect entry.
A. Upper band of the parallel channel at 290 .
B. High of 3rd wave at 312 .
1) On 15min time frame, we can see there is hidden bullish divergence is formed. As price is making higher lows and RSI is making lower lows.
If tomorrow it sustain above 300 level then we can see upmove.
Please refer below chart : 15 Time Frame.
We could clearly see a triangle pattern breakout which happened at the beginning of FEB and we are now having the same level...Enter for a long trade for min 3 months and place SL below the traingle pattern.
Breakout of a consolidation phase.
The breakout happened with good volumes.
Coming back for a retest.
Support from 200 Day Exponential Moving Average.
Good opportunity to enter a long position.
* Educational purpose only *
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Analysis basis :
1. On a daily time frame we have seen a good multizone breakout, hence buy bias.
2. We came down to 4H time frame to check for accumulation zone and confirm with a double pattern breakout.
Suggestion : Aggresive entry (25%) now + Safe entry (75%) after zone break
I have personally invested...
Note: This is for educational purpose only. Please do not trade F&O in this.
There seems to be a bullish breakout in play. The breakout is happening from last 52 week resistance. There seems to be a breakout is RSI as well. RSI at 69 indicates bullish momentum. Moreover, the breakout is happening post build up near resistance which is a sign of strength.