Chennai Petro: Pattern Similar To DishmanThere is a vacuum in this ellipse. Again the concept is similar to Dishman chart posted earlier today. Above 302, am expecting a quick spurt to 312+.
CHENNPETRO trade ideas
ChennaiPetro- Wonder of 307!Here also ChennaiPetro did not move above 307 as mentioned in previous update & had a fall till 302- how these levels work wonders -really can't be imagined.
Chennai Petro- Bang on for Kissing 297 Oh- Its Kissed 297 look & started the bounce. Last Traded at 300- These are the places where Risk is zero & Reward is unlimited as per previous accumulation wedge pattern.
Chennai Petro- An Accumulation Wedge at 296.90There is some counts change - as market proved me wrong this time.
Accumulation Wedge- A possibility, In this pattern price forms a resistance which it formed in 293.80 -comes back & again tries to take out the resistance which it did & formed a new resistance at 296.90 then falls back again in the pattern finally to take out with a large bull candle.
Trading Strategy- Prices should fall to 296.90 handle or close by & start bouncing -there could be long opportunity (obviously -you have put the recent swing low as stop trade), but as a trader -you have to keep a watch & let say if prices go below the 289.35 swing low then likely bears will come into action.
Previous Update - Channel was broken at 289 -went to 285-286 handle & bounced -so always a trader has to put cost stop loss so that he doesn't lose anything even if the trade washes him out.
Previous to Previous Updates- we travelled big distance from 312 to 277 bottoms & even got the bounce from 277 to 292.
Chennai Petro- The excitement is yet to come with channel breakI have tweaked with my counts as compared to the last update as mentioned below which is a complete chain of the fall from 312 highs, but likely you should not confuse yourself with my counts-these are for my reference.
ChennaiPetro has bounced quite substantially from lows@277 to kiss our target zone of 292-293 as per previous updates.
Look for a channel break for confirmation that prices indeed want to head down or even if the prices goes below 290 mark & sustains below that level -in that case we shall look for target zone 281-282 which is the prior swing low from current highs of 293.80
Going below 281-282 zone - channel gets broken & it will confirm that CP indeed is looking down.
ChennaiPetro- Bang On Target -Here is the Bounce@292.40Thanks Deity- This all to you. A journey which, I will cherish my whole life till the time I survive on this planet.
ChennaiPetro caught right at the top between 310-320 -Then a fall below 292 for 283 - Then a bounce from 283- 292- Then again a fall & makes new low@277- Expected a bounce from 277 to 292-293- Here we finally made day's high@292.40 - Clicking our sweet spot.
Previous Updates
Looking for a bounce292-293
Hatrick for Lasith Malinga
Bang On Target -for bounce from 283-291
Aren't you part of this exciting Wave
Right in the block hole reminds me Lasith Malinga
Wedge pattern & Rising Trendline -Closer Look
ChennaiPetro- Close to a top@310-320
ChennaiPetro- Look for a bounce in the zone 292-293This is a corrective wave which started at lows@277.25 as per morning update below -shall be looking for 292-293 zone as possible bounce & then with stop above 295.50 -we will go short -which I will update later.
ChennaiPetro- Hatrick for Lasith Malinga (Back to Back)Current Rate- 282
The sheer excitement only -one can't control once a bowler gets back 2 back three wickets in a row- worked well when I wrote that we should be cautious before exactly a day before its recent results were to be announced -it was suggested that there is wedge pattern-which was perfect in place & time to occur- once identified -Boom- You are bound to be surprised with so many gifts that places will fall short.
It has travelled 161.8% in the (iii)-wave approx making a low@277.25 -which is very much clear objective for (iii)-waves
Trading Strategy- We shall be looking for a bounce again in the zone 291-293 where it shall retrace 61.8% that is maximum retracement -I shall be looking for & an opportunity to go short again for lower targets below 277.
Earlier Reports
ChennaiPetro - close to top out in 310-320 Zone- Wedge Pattern Identified
A closer look of wedge pattern
Right in the block Hole
Aren't you part of this exciting wave
Bang on for the bounce from 283 to 291
Finally -The Hatrick which completes 161.8% of the initial fall (i)- wave projected from (ii)-wave -- (iii)-wave travels 161.8% which comes to 276.15 - It almost made close low@277.25
Chennai Petroleum: A Case For Wyckoff UpthrustAfter about 6-years, price revisits price high which comes across as the "Automatic Rally" high in Wyckoff parlance. IF this assessment is right, then expect the stock to drift to the lower end of the range. A breakout past the high of this month at 313 would indicate that the stock is in a mark-up phase and that could open up massive upside.
For now, am not too bullish. Awaiting more confirmation.
Chennai Petro- Bang On Target- Bounce from 283 to 291Booked 10 Bucks below 292 & Bounce Back from 283 to 291- Amazing
ChennaiPetro- Aren't you part of this Exciting Wave?
Aren't you part of this exciting wave -going below 292 was a good trigger for going short & 10 points fall- makes current session low@282.30- Good Time to Book your profits & We shall look for a selling opportunity once we see petro rising to the zone 290-292 & getting rejected.
It was exciting wave as we were corrrect in visualizing the wedge pattern -right at the top or in the block hole which reminds me of Srilankan Bowler -Lasith Malinga
Book your profits in current zone 283-284 & look for a bounce back to break out zone of 290-292
ChennaiPetro- Right in the block hole Reminds me Lasith MalingaEven before the results were out for Chennai Petro- I warned that there is a wedge pattern & possibly it looks to top out in a 310-320 zone. The fall exactly from the zone 310-320 as per previous updates - reminds me of Srilankan Bowler -Lasith Malinga- He is quite capable of upsetting best of the best batsmen across the globe- when he bowls those special deliveries or in cricketing term we call block hole deliveries- batsman hardly get any chance to maneuver the ball & he gets surprised by getting out leg before the wicket & sometimes clean bowled.
Bearish Candle right at the top also gives the first clue that Petro could be topping out.
Vow- Same Thing happening currently with Chennai Petro. Bang On- Centre stump is hit.
Earlier Update (Closer look at the wedge pattern)
Earlier Update (Larger Time Frame Chart)
ChennaiPetro- Wedge Pattern & Rising Trendline(Closer Look)Let the rising trendline be broken & possibly staying or going below 292 shall be an important clue for bears in action.
ChennaiPetro- Close to Top out in a 310-320 zone -Be CarefulChennai Petro Close to Top- Going below 292- we should be careful as it could slip sharply downside for initial support in the zone 255-260.
Regards,
Abhishek H. Singh, CMT
