This analysis is done purely on basis of price action and chart patterns.
The analysis is done on weekly TF hence it can take couple of days to couple of weeks/months to reach the target.
As one can see that the price has been forming a symmetrical triangle pattern for quite some time. And now the price has been consolidating in a narrow range. looking at the increased volume as well as the chart of NIFTY ENERGY (linked below), chances of breakout and upmove are higher than a breakdown and fall.
NIFTY ENERGY WEEKLY CHART -
Entry can be made above the high of last candle. Targets can be previous swing highs and SL can be below the low of this last green candle.
If price gives a breakdown, then wait for confirmation, because it may be a false breakdown to make the weaker hands exit from stock before it starts its upward rally.
Pls note that this analysis is for study purpose.
Traders must do their own study before entering into any trade. Traders should trade with their own risk capacity and money management.
Feel Free to comment for any query or suggestion regarding this stock or Price Action Analysis/Chart Study
One more chart of HINDPETRO for study purpose for beginners is linked here. It is from same sector. Check out and find out opportunities.
The analysis is done on weekly TF hence it can take couple of days to couple of weeks/months to reach the target.
As one can see that the price has been forming a symmetrical triangle pattern for quite some time. And now the price has been consolidating in a narrow range. looking at the increased volume as well as the chart of NIFTY ENERGY (linked below), chances of breakout and upmove are higher than a breakdown and fall.
NIFTY ENERGY WEEKLY CHART -
Entry can be made above the high of last candle. Targets can be previous swing highs and SL can be below the low of this last green candle.
If price gives a breakdown, then wait for confirmation, because it may be a false breakdown to make the weaker hands exit from stock before it starts its upward rally.
Pls note that this analysis is for study purpose.
Traders must do their own study before entering into any trade. Traders should trade with their own risk capacity and money management.
Feel Free to comment for any query or suggestion regarding this stock or Price Action Analysis/Chart Study
One more chart of HINDPETRO for study purpose for beginners is linked here. It is from same sector. Check out and find out opportunities.