CHENNPETRO trade ideas
Chennai Petro : Contra PlayChennai Petro is falling knife for traders who want to make out of minor reversal in the trend. Minor bounce can happen till 217-218 but actual buying should emerge around 180 & 165 level for Mean Reversion play. Stochastic is already in oversold zone which indicates a bounce is likely to take place in next couple of sessions. Trader should wait for low of parallel channel to go for Short term buying. 160 should be the SL on closing basis. Reversal towards 10 & 20 days EMA should be the target for such kind of position.
[Intraday] CHENNPETRO Double Inside Bar TradeDouble Inside Bar
Long above 233.25, SL PDL
Short below 225.35, SL PDH
If long triggers keep an eye on the hourly resistance zone near 236-237 lvls.
PDH = 232.70
PDL = 226
If gap up or down, follow 5m ORB.
Its seems to go bullish now
As we see in the chart, MACD technical indicator is likely to converge and Williams R% indicating oversold at this value. So its seems to be right time to get into the stock for big returns.
DIAMOND PATTERN @ CHENNAI_PETROLEVELS MENTIONED IN THE CHART.
RSI has strength to move up.
Disclaimer:
It is very important to do your own analysis before making any investment based on the chart mentioned here.
Trade wisely!
[Intraday] Weekend lvl 6 + bounce back from ~259 CHENNPETROHad been falling continuously for ~6 days, today was the first day to form a candle which broke yesterday's high
Go long, only if previous days high is broken with stop loss at previous days low
In case of gap up above the previous day's high or gap down below the previous day's low, please avoid buying it or selling it respectively. Follow the ending of the candle formed in first 5 minutes and follow ORB strategy.
PDH 266.1
PDL 262
ChennaiPetro-Short below 259.5 with the targets-256.35,254249.3Chennai Petro-Short below 259.5 with the targets-256.35,254249.3 and stop loss :265.5
#CHENNPETRO284.85 - 294.90 is the Gap Bridge Zone
Strength close > 294.90 will take it to 319.30
Can it start a new journey from 295.90 to 341.20
MyAlgo : xMRSI-Progresser: Intraday : 22Oct-CHENNPETRO-LongBased on my xMRSI-Progresser predictive trading methodologies, its going to be a GREEN candle on 22-Oct-2018 for CHENNPETRO
Buy Above(5Min candle close): 265.9 for targets -
T1: 267.9
T2: 269.1
T3: 270.3
SL: 263.8
Note: These calls are based on my own analysis. It may or may not work well for you.So please carefully consider whether it is suitable for you and please do your own research before attempting any. The profit/loss made by you due to this call, is solely your own responsibility. Thanks, All the best. Happy Trading. :-)
