CHENNPETRO trade ideas
Chennai Petro Gap Theory TradeChennai petroleum Corporation was gap down on 14 August 18
Gap Will be getting filled later
Initiate a Long Trade on ChennPetroInitiate a Long trade on , from 303.5, SL @ 300.4, Targets (1) 307, (2) 311, (3) 315, (4) 319, (5) 321, (6) 325,(7) 326.
After completion of 1st target, revise stop to cost
CHENNAI PETRO LOOKING BEARISH !!!POSSIBLE SHORT POSITION
1)RSI DIVERGENCE
2)CROSS 20,50 EMA
3)BREAKS TREND LINE WITH VOLUME
4)BROKE RISING WEDGE PATTERN
5)BREAK BELOW RESISTANCE LEVEL
short on chenn petroSell below 'Rs. 340'. Weak support at 'Rs. 340'. Price action also suggest prior resistance at 'Rs 345'
Short setup in CHENNPETROCHENNPETRO can be shorted near 350 with an stop loss of 360 for the target of 316
CHENNPETRO for Swing TradingTime-frame: Daily
Price broke out of EMA 50 and also crossed last swing high of the down trend.
After breaking out price is in pullback mode which formed long tailed pin bar.
By looking at the pin it is seen that price is taking support on EMA 50.
MACD also confirms up trend as it has crossed zero line.
Looks like it is end of down trend.
Sell on Reversal , Trend ContiunationThis scrip is making a Running Flat on smaller structure , if you notice Market always makes repeated pattern , one has to identify it in time to take best possible trade
Look for sell set up and take short selling on reversal confirmation
run the trade on trailing stop , this one would be not so impulsive how it came down form top , but would give you enough room to make profits and trail the stop
My PredictiveEngine's Intraday call(11-Jun-18)-CHENNPETRO-LongBased on my PredictiveSystem's signals, its going to be a GREEN candle on 11-Jun-2018 for CHENNPETRO
Buy Above: 303.5 for targets -
T1: 305.8
T2: 307.1
T3: 308.6
SL: 301.1
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. :-)
CHENNAIPETRO#CHENNAIPETRO support at level 275-277 closing basis and now stock can move toward upside from current level.
