HPCL-hourly chart indicating a rising wedge pattern
Also RSI showing a negative divergence
Can the stock be shorted for a target of 479 levels and further target of 470 levels where there is a gap available
Hindpetro is at multiple strong support and can bounce back from here, can be good buy above 446 for the upper levels @ 453/460 if do not break 440 on downside.
HPCl witnessed a good bounce yesterday frm its channel support and is witnessing follow up buying today. A breakout from this channel top could take HPCl towards 520 levels.
There is very visible and clear support and Resistance on Daily Charts for HindPetro.
Break of these levels on Closing basis should give us the direction for future.
Double Top on Charts and weekness in all OMC shares suggest that we will head down.
Hence, Giving this call on short side. But take positions only post close above or below the levels.
Beautiful Inverse head and shoulder pattern gave neckline breakout and now testing it from above. It offers a good entry at this level for intraday trade
The Alarm Bell rings if HPCL goes above 1251.50 - Right Shoulder High- In that we no longer can stay bearish or in selling camp.
If in coming session, it starts going below neckline again- we will get little confidence that bears are still active in HPCL
Hindustan Petroleum has been moving in a flag. Once goes below 1190- It will start puking or at current price it will drag further upside- logically we should wait for HP to puke below 1185-90 zone - to us the direction.
