This presents an attractive opportunity for swing traders to capitalize on the potential uptrend in Hindustan Petroleum Corporation Limited,a leading energy company in India engaged in the refining and marketing of petroleum products.

Reasons are listed below :
  • Strong Support at 450 Level: HPCL has established a robust support level at 450, indicating strong buying interest and potential reversal points.
  • Double Bottom Pattern: The formation of a double bottom pattern suggests a potential trend reversal and bullish continuation, indicating a shift in market sentiment.
  • Bullish Marubozu Candle: A bullish Marubozu candlestick pattern indicates strong buying momentum and potential upward movement in HPCL's stock price.
  • 0.382 Fibonacci Support: Finding support at the 0.382 Fibonacci level strengthens the bullish case, providing a solid foundation for potential upward movement.
  • Engulfed 11 Daily Candles: The bullish engulfing pattern, engulfing 11 previous daily candles, reinforces the bullish sentiment and indicates potential for a significant uptrend.
  • Higher Highs: Consistent formation of higher highs reflects increasing bullish momentum and reinforces the potential for further gains in HPCL.


Target - 530 // 595
Stoploss - weekly close below 449

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@visionary.growth.insights
Comment
Hammer candle formed at support, we can add quantity
Trade closed: target reached
1st target achieved : 10.1% ++
Comment
formed a bullish engulfing candle, hold !!
Comment
New swing high, we're up by 9%++
Comment
Made a high of 594, very close to our 2nd target and sharply reversed
Can trail SL to cost to cost levels on daily close basis
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