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
