Hindpetro analysisMajor trend of this stock is bullish. So we should look for buying opportunities and should buy only at right time. Once there is breakout on blue trend line with good volume. It will shoot up again,
HINDPETRO trade ideas
HINDPETRO - LONG STORY - IMP LEVELSHindustan Petroleum Corporation Ltd.
Extending the intraday positive bias the price closed around day's high which signifies short-term bullish bias in the price.
As of now 186.50 - 188 is SUPPLY ZONE and needed to be considered as an immediate small resistance zone.
Breakout and sustainable trading above 188 can inject fresh demand which may pull the stock price to test 190.50 - 192.80 - 194.60 - 197 (50MA) - 200 on the higher side.
On the lower side 178- 175 is a DEMAND ZONE and can be considered as supports.
Though the RSI looks attractive but other indicators - MACD - Directional indicators are flattish. There is no proper strength which can indicate a short term trend change.
This present move can be bounce-back only. There are a lot of hurdles in front of the price on the higher side to face.
DON'T GET TRAPPED.
KEEP AN EYE!!
Hind Petro Weekly Chart of Hind Petro is interesting. The stock has a strong support around 162 to 167 zones. Current price is 182. Has the potential to reach 220. Keep under radar for longs !!
HPCL retraced towards support areaif price take support here then i will enter in dis stock for target 220
Bullish Bat - HindPetroBullish Bat - HindPetro
Sell if sustains below 200 levels till 170 levels. Then look for long.
Inverse Head and shoulder in formation in HINDPETRONSE:HINDPETRO has inverse H&S pattern , wait for confirmation
HPCLGood opportunity coming for investment in HPCL
after breaking trend line price trying to retest trend line in coming days...180/185 is good area for long entry with stop loss below 160 for target 228/245/267 in coming weeks or months
stay tuned guys for more updates on charts and trade setup
Bearish Cypher Pattern CompletionOn Cypher Pattern Completion one should take a aggresive short on Hindpetro.
Target and Stop Loss as mentioned in charts
Buy Only above 228 for HINDPETROHINDPETRO making higher highs and higher lows, buy only if it breaks previous high of 228-230 on daily basis with green candle. if it couldn't able to hold 200 levels at downside. we can go for shorting with a target of earlier lows.
HINDPETRO - BEARISHHINDPETRO - BEARISH
TREND AREA BROKEN. WE EXPECT BEARISH MOVE NOW.
SELL BELOW 206.4
SL 211
TARGET 1:1 - AROUND 200
HINDPETRO WEEKLY TFHINDPETRO WEEKLY T.F. Hindsight
August 2017,the stock Price started falling from its Peak level of 492.80
Now we are still in the corrective mode i.e, the Reactionary wave.
WXY.Its internal structure is (3,3,3) indicated that the WXY wave pattern is composed of three distinctive corrective waves.
The next level is @ 280.95 & then we can see a massive downfall in the price till 141 or 150 odd levels.
Trading is not about being right or wrong, its a game of probabilities.
Elliot wave can be applied in any Asset class, Its one of the most trusted theories in the field of Technical Analysis.
NSE:HINDPETRO
#Intraday Trade on range breakout I am nothing write here about up or down breakout.
Maintain proper Risk & Reward ratio to avoid any losses.
