Hindustan Petrol Corporation Limited (HPCL) looking great as per its structure.
Base formation similar to Inverse Head & Shoulder.
Also its major support from where it made a new high is likely to act as a major area of support.( Left hand side marked with blue arrow on charts)
Will hold it till the levels of 300 if the trade goes in our favor.
Stop loss below the previous swing low 233.50 maintaining strictly.
Disclaimer: So many negative news out there for the oil & gas sector. Also the results of these companies has not been great at all. However, I personally do not follow news and results matters only if you are to invest for longer horizons. My analysis is solely based on price action and I have every right to be wrong. If my view turns to be wrong then I have no issues in taking the stop loss. Therefore, do your own analysis and have your own view with proper risk management.
Base formation similar to Inverse Head & Shoulder.
Also its major support from where it made a new high is likely to act as a major area of support.( Left hand side marked with blue arrow on charts)
Will hold it till the levels of 300 if the trade goes in our favor.
Stop loss below the previous swing low 233.50 maintaining strictly.
Disclaimer: So many negative news out there for the oil & gas sector. Also the results of these companies has not been great at all. However, I personally do not follow news and results matters only if you are to invest for longer horizons. My analysis is solely based on price action and I have every right to be wrong. If my view turns to be wrong then I have no issues in taking the stop loss. Therefore, do your own analysis and have your own view with proper risk management.