It is been observed on the daily chart that the price action is forming a descending triangle indicating selling pressure by the big players. It shall further move down. Regards Target 1: 370 Target 2: 360 Stoploss: 385
On hourly chart, the price action is trending in a downward trend channel as it is making lower Lows (LL) and Lower Highs (LH) indicating weakness and bearishness. Refer to educational series on Channels to understand it better. (Links provided below) Target: 317.50 Stoploss: 340
After a long consolidation, it breaks out from the symmetrical triangle by large green candlestick along with good volume.
Breakout from Symmetrical Triangle with High Volume Expected Target: 323 Sl 314
It is been observed in the price action of petronet that after a steady rally, it consolidates in symmetrical triangle formation where there is buyers and sellers indecision with price actions. On the previous symmetrical the buyers took control and we got an upside breakout with high volume and it rallied well to 340 levels. Now, the price action has come again...
After a big breakout from 300 levels, it is been consolidating for a while and now it seems like a symmetrical triangle and it is high likely to breakout downside as it may retest 300 levels to confirm a new support. Looking forward for tomorrow's price action. Target (If go down): 300 SL 312 Target (if go up): 318 SL 308