TN Petro has broken out of its 9 month old congestion trendline. the stock had broken out of the same trendline a few weeks back but broken down below it immediately and had restested and taken support at the previous resistance of 45.5.
Since then, the stock has once again breached the 9 month old resistance trendline to the upside and closed above it both on a...
Super Breakout after years above 48..
Increasing Crude Prices is good news for this stock..
Peers like Manali and Panama Petro are helping further..
My Trading Plan clearly Explained in Charts..
Lets See..
In the last trading session, this stock gives a breakout from its consolidation zone between 30-47. This breakout happened with increasing buying volume so expected this stock reach soon 64+ in upcoming trading sessions. This rally can give more than 30% movement. Can go long with a very close stop loss at 45. So, Risk: Reward in this trade will be 1:8+.
* Two chart pattern completing at the same time (Inverted H &S and Rectangle ) High conviction set up .If it made above 200-day moving average.
* All criteria fulfill in this stock . Thats why i am bullish in this stock.
