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
FOR THE DAY TRADERS:
MCX Crude oil has made a symmetrical triangle pattern, and that indicates a bearish continuation. At present, its price is moving inside the triangle pattern. That's a consolidation area. The prices will keep playing sideways here.
Intraday traders can sell or buy based on control price. The last expected stop is at E. So, we may see crude...
Clearly todays inventory data showed fall in reserves of inventory. So when inventory data is less it implies that lot of crude which was saved up as reserves were put to use or in other words consumed.
Now I want to shift your attention to this term " PRODUCTIVITY OF A COUNTRY "
When crude is consumed like the data shows it means productivity of a country is...
The upward to sideways moves over the last few weeks seem to have ended with wave Y. If prices trade below 3005, below the diagonal triangle we should be set for a large downmove. This could be a move larger than the one that started in Sep and lead to 2600 levels. Will track as it progresses
Crudeoil in USD has the same pattern and should be headed the same way
While the price is below the resistance 46.50, resumption of downtrend is expected.
We make sure when the support at 38.90 breaks.
If the resistance at 46.50 is broken, the short-term forecast -resumption of downtrend- will be invalid.
A trough is formed in daily chart at 38.90 on 10/02/2020, so more gains to resistance(s)...