Petronet LNG is extending as part of the 3rd wave as so don't expect much pullbacks . A good stock(technically and fundamentally) to have in your portfolio as it has a lot more upside potential from current levels.
Short Term Target > 300+
Medium Term Target > 350+
Long Term Target > 400+
Good Luck.
THERE IS POSSIBLE BULLISH BAT FORMATION AND 5-3 ELLIOTTE WAVES.......I THINK BAT PATTERN LL NT COMPLETE......IF 5-3 WAVE WORKS THEN TAKE POSITION ABOVE 380 WITH TARGETS OF 420 ...KEEP STOP LOSS @ 365......
IF BULLISH BAT PATTERN FORMS THEN TAKE POSITION BETWEEN 330 TO 340 WITH TARGETS OF 370 AND 380 ,KEEP STOP LOSS @ 320
It is been observed in the price action of petronet 0.28% that after a steady rally, it consolidates in symmetrical triangle formation where there is buyers and sellers indecision with price actions. On the previous symmetrical the buyers took control and we got an upside breakout with high volume and it rallied well to 340 levels.
Now, the price action has come...
It confirms a Bearish Deep Crab Pattern, and now I expect profit booking at this level and the price should hit the first target of 226 and then T2 213. Stoploss should be placed at 247.50. Duration to achieve target 1 is 3-5 days.
Good time to short this one.
