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PETRONET LNG : TRIPLE BOTTOM PATTERN WITH HAMMER AT SUPPORTPetronet LNG :
Buying Signals in the stock with hammer followed by Triple bottom pattern as shown in the chart. Prediction is supported by MACD Crossover and Histogram turnover along with RSI Rising from support at 39.00
Certainly a buy call above 224 with SL of Rs. 220.70 only. The Targets are 232.00 and 237.00 .
This study is only for education purpose and should not be considered as a tip to buy or sell any stock.
Good luck !!!
PETRONET LNG - Ready to Blast!!PETRONET LNG
PETRONET is trading in an upward trending channel and has formed a very narrow trading range.
RSI is extremely Bullish.
ADX supports an Uptrend.
DAILY trend is BULLISH as well.
Once the prices breakout of the channel we might a swift upward move towards 297-300 Supply Zone.
There is strong support at 245.
KEEP AN EYE!!
***this is my personal view. Please take advice from your financial advisor before investing.
Petronet LNG is facing strong resistance - Neutral/Negative biasPetronet LNG is facing strong resistance and rejected multiple times from multi-year strong resistance. Stock is likely to consolidate before making any significant move up-side.
F&O data also suggest the same, as heavy call writing has taken place 260-280 levels for the 31 Dec Series.