This is something I observed with this stock. This pattern has its own risk and rewards.
This is where do and die situation. Either you can the huge amount of profit or limited loss if a stop loss is in place I notice this lately. This trade is still valid. I can't able recollect the name of the pattern. but one of the strong patterns is based on yearly weekly...
pattern : stock moving in channel
stock is moving in channel and consolidating for
Technical indicator : MACD bullish crossover . we have got crossover
RSI May give bullish signal too very soon.
Volume confirmation is pending .
Stock has upside potential
Immediate SL : 35
HINDUSTAN PETROL - CMP 240.4 at the time of analysis.
If able to close above 242 + then it will be enter into zone of Rs.250 to Rs.300 /-
My expected target is Rs.260/- ( short term)
chart pattern seems to be : double bottom
Price Action : Stock recovered from Rs.50... side way for long time ( consolidation zone )
After that STOCK recovered (Breakout), CMP 119 with huge volume. ( CEO announced resume operation and experiencing huge demand after opening up ) in front of amid COVID 19.
CORONA disturbed world financial market.
We may see downside upto 110 as it is crucial immediate...