HPCL is reversing from almost triple top and RSI showing continuous negative divergence and is expected to turn bearish as seen on the daily time frame charts. A bearish engulfing candle pattern formation, having the open and high almost the same can be seen. Futures data also show a short buildup. A short trade can be taken in futures ( prices here given are as...
29-11
Daily chart of HINDPETRO1!
LTP: 238.85
The long term trends (manual and 200 EMA) are bearish.
RSI is overbought and signals a bearish reversal.
Supports are at 241.50 (200 EMA) and 237.05 (manual)
Strong support zone is between 200 and 207 so it may not be broken.
I think we will witness a profit booking if the candles do not breach 241.50 with...
27-11
daily chart of Hind Petro
manual trendline and 200 EMA are bearish
RSI heading towards the overbought zone
Resistance at 237 (manual) and 241 (200 EMA)
Wait for RSI to get in the overbought zone & or price to come up to 238 / 240 and go short