HIND PETRO upward channel pattern BreakDown - BEARISH NOW
HINDPETRO Looking bearish below 300 now. It has given a breakdown from upward channel pattern and continuing downward trend by giving a breakdown from this channel pattern. Short below 300 after passing a retest from channel's trendline resistance. Hind Petro has a strong support zone near 375 following a long term trendline. it may reverse from it and can give a reversal after touching 372-375.Trade active
CHANNEL BROKEN WITH GOOD VOLUME - YOU CAN SHORT IT WITH THE TARGET OF 277 -275 AND THE SWING TRADE FOR LONG CAN BE PLANNED WITH RETEST ON REVERSAL FROM THE SUPPORT NEAR 275 AS DRAWN IN THE CHART I WILL TRADE LONG IN FUTURES FOR THIS SCRIP IF THE PRICE ACTION WILL RESPECT THE SUPPORT ZONE AND PASS RETEST FROM SUPPORT
Trade closed: target reached
As planned the price took support at 275 and pulled back from that level now the 1st target has been reached . I have booked 50% Profit = 15% Return captured here.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.