MACD Crossover is almost formed on the daily chart, stock is currently trading around its crucial support level (164).
The stock was up by 3.20% on 16 Oct. 2020.
With keeping the MACD crossover in mind, one can look forward to a swing trading opportunity in NSE:HINDPETRO .
SWING TRADE :
BUY IN 160-175 RANGE
STOPLOSS - 140
TARGET 1 - 200
TARGET 2 - 205
On this chart I have placed ICHIMOKU to complicate viewers, just to let you know that these type of charts u would find on twitters but realiity is, its a simple chart but confused with putting ichuoku on it. this ichu has no meaning on it. My students know it very well
my view a small resistance of that line if breaks, expect strong up move.
my view only may...
Nifty has rallied upto the 0.618 level also coinciding with the prev wave 4. This means the minimum price targets for the correction is done. However the time seems to have been too soon, What I expect is a sideways to downward movement before a wave C completes the correction.
( wave nos corrected above)
Long term - headed down
Price went all time high & came down a bit, if you are planning to buy tomorrow when the market opens at this price, you need to ask yourself this question:- 'Who is buying this stock at this high price?'
There are two zones to buy, look for price action there. The price could even break the high & form a new structure.
Stop looking at the charts as a retail trader & look where the big money is located. Price doesn't stop because of support or resistance, Big banks don't care about your support & resistance, head & shoulders pattern, trend lines, cup & handle and all that bullshit.
THE STOCK CLEARLY SEES UPSIDE MOMENTUM AND A NOT SO CONVINCING CORRECTION AND IS AT A PRICE POINT WHICH IS VERY ATTRACTIVE.
THE COMPANY ALSO IS MOVING ON POSITIVELY FROM THE RESIGNATION OF CFO AND IS LOOKING CONFIDENT.
BUY AND HOLD TILL 130.