NSE:HINDPETRO is yet to break its own long term trendline. But, its Relative Strength Charts have given an early breakout, potentially for a long term upside.
This too in an environment when other PSE and Commodity Stocks are outperforming the index. We have already added long this week in this counter.
Add ADX with 14 period
Add 20 SMA
Watch for these to setup trade
ADX above 30 level (manually add 30 level)
Price above 20 sma
Wait for a pullback that touches 20 sma
Place a buy stop above the high of the candle that touched the 20 sma
Stop Loss below the 20 sma
Take Profit up to you
TP can be price crossing below 20 sma
TP can be a 1 x 2 risk reward ratio