I 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...
Thanks 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...
This 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.
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...
After 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...
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...
Even 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...
Chennai 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
