Cup and Handle Breakout in PETRONET
PETRONET has formed a classic Cup and Handle pattern on the hourly chart, signaling a potential bullish breakout.
Pattern Breakdown:
Cup Formation: A smooth rounding bottom from ₹310 to ₹337, indicating strong accumulation.
Handle Formation: A slight retracement near ₹330, forming a consolidation zone before the breakout.
Indicators:
RSI: Currently above 70, showing bullish momentum.
Volume: Increased significantly, confirming buying pressure.
Key Levels:
Breakout Level: ₹337
The price has broken above this resistance, confirming the breakout.
Targets:
Target 1: ₹350
Target 2: ₹360
Stop-Loss: Below ₹330 (handle low).
💡 Disclaimer: This is for educational purposes and not financial advice. Please perform your due diligence before entering any trade.
Pattern Breakdown:
Cup Formation: A smooth rounding bottom from ₹310 to ₹337, indicating strong accumulation.
Handle Formation: A slight retracement near ₹330, forming a consolidation zone before the breakout.
Indicators:
RSI: Currently above 70, showing bullish momentum.
Volume: Increased significantly, confirming buying pressure.
Key Levels:
Breakout Level: ₹337
The price has broken above this resistance, confirming the breakout.
Targets:
Target 1: ₹350
Target 2: ₹360
Stop-Loss: Below ₹330 (handle low).
💡 Disclaimer: This is for educational purposes and not financial advice. Please perform your due diligence before entering any trade.
Trade closed: stop reached
share surged to 345 and failed to reach target and SL hit yesterday. 
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.
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.