HINDPETRO trade ideas
HIND PETROHind Petro has formed cup and handle formation.
Please note every cup and handle formation may not be bullish.
Stock has huge resistance at 340 levels.
OI analysis suggests the same as well.
In stock manages to close over 340 levels with good volume a buy can be initiated.
Or else stock is a sell at 340 levels as well.
Same pattern is devloping in IOC as well, but IOC looks a more convincing buy.
Hind Petro can be held as a positional long for target of 329.10Continue with the long positions....
Hindustan Petro - Pullback entryBreakouts are overrated, Pullbacks are underrated. One can consistently make money in getting into pullbacks too. Hindustan Petroleum, got one such BUY signal today. The watchlist was sent to all the subscribers yesterday.
Strategy used: Pro-Pullbacks.
HINDPETRO facing strong resistanceHINDPETRO facing weekly/monthly resistance. If not breached, expect more decline.
Disclaimer: The indicators, strategies, columns, articles and all other features discussed here are for educational purposes only and should not be construed as investment and/or trading advice/tips.
#HINDPETROUnderstanding Shunting with the Strength candles and indecisive candles
The blue bars are the zone of resistance which must be crossed with strength
ASCENDING WEDGE IN HINDPETRO IN 1H CHARTIn the hourly chart we can see an ascending wedge formation which signals that a fall in price is to be seen in the coming time period. The fact that there is also a gap-up makes me go bearish on the stock. It has rallied nearly 23% in the recent and a retracement is due. One should preferably enter when the price breaches the lower trend line and can place a SL at Rs.311.50. The RSI can also be seen to be in an uptrend and it breaching the trend may signal that the bears have finally gained over the bulls. The sequential targets are: T1:286.50; T2:278 and T3:271.50 Please feel free to drop in your views and criticisms and let me know if I went wrong somewhere.
Chart by: SiddharthDalmia01
Disclaimer: This is not professional trading advice. Please invest at your own risk.
Hindustan petroleum - Resistance brokeNext Resistance Levels: 311, 323, 333
Support levels: 301, 297, 294, 276
