Hind 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,...
Breakouts 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 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.
Hindustan Petroleum Corporation Limited is a holding company. The Company is engaged in the business of refining of crude oil and marketing of petroleum products. It operates through two segments: Downstream, and Exploration and Production of Hydrocarbons. The Downstream segment engages in refining, marketing and transportation of petroleum products. It offers motor spirit, high-speed diesel and liquefied petroleum gas (LPG). Its products and services include aviation turbine fuel; bulk fuels and petroleum products that are marketed to industrial consumers; LPG (HP Gas); Lubes (HP Lubes), and product pipelines. It has refineries at Mumbai and Vishakhapatnam, LPG bottling plants and Lube blending plants. Its refineries upgrade the crude petroleum into various products and over 300 grades of lubricants, specialties and greases. The Company's marketing infrastructure includes a network of installations, depots, retail outlets, aviation service stations and LPG distributors.
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HINDPETRO
