There is an Alt Bat Pattern Formation on Petronet hourly chart.
Prices are currently trading in the PRZ zone of the pattern.
RSI is also in the oversold zone, hence there is the probability that we could see some bounce in the stock.
Resistance at 219-220 levels.
The pattern would be negated if prices close below 210 levels.
Disclaimer: Not a recommendation to trade.
Recovering from consolidation zone and major indicators all are have positive outlook for this chart at this price level.
"Note: Above Strategy is for study purpose only, please consult your financial advisor before taking any position."
CURRENTLY THE STOCK PETRONET IS BREAKING OUT
AND
THE in MACD the signal has given
AND
THE RSI LEVEL are about 60
ONLY FOR STUDY PURPOSE
I'M NOT A FINANCIAL ADVISOR
This stock took support near 225 many times
bounced back to 234
now all set to fly up with good volume coming
BUY near 230-235
SL 225
Tgt 242 - 252 - 259 -269 -275
Must Correlate yourself also on charts before taking an entry. This is for Educational purposes only. Please consult your Financial advisor before investing.
With Natural Gas prices flying...this stock could be one of the beneficiaries.
Long at CMP with SL below 230. Its broken above its downward trendline and gas prices seem to be going of the charts and should stay up esp since we are heading into winters when gas demands are usually at its highest.
Though the stock has not participated in the bull run till now and has been in a trading range of 215-272. The stock has recently given a falling trendline breakout and has also managed to give a close above 200 MA. With improving utilisations at dahej and kochi facility it can give a decent move on the upside. Keep an eye for this stock.
Making Flag Pattern and trying to breakout from Triangle Pattern. Can see 20% if breakout done from now
CMP 230.50
Target 280
SL 2%
Good risk reward setup
as we can see the sock has broken triangle pattern convincingly and has entered the demand zone, for long term investors it will be a good idea to accumulate now.
The stock has reached the lower trend line and might take support and undergo a reversal rally. Trade is supported by brokerage calls and Supports Nearby.
Risk Reward Ratio - 1.5:1
SL is placed below multiple major support zones and the target is placed based on fundamentals.
Note: Earnings will be disclosed during the trade duration. If results are not up to...
Petronet has formed a Bullish Hammer on Daily chart. This signifies reversal of a downward trend.
Keep SL at 215 or slightly below it.
Target1: 223
Target2: 230
A Bullish Harmonic AB=CD reversal was met by a slanting trend-line resistance which lead to a dip towards 88% retracement with the likelihood of a double bottom activating a Bullish Harmonic Shark.
This up move can go till 225/235/255 as long as it does not break the lower base formed when the AB=CD was made.
Harmonic Patterns are based on Fibonacci ratios which...
