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.
