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HINDUSTAN PETROLEUM CORP
Long

INVERTED HEAD AND SHOULDER BREAKOUT

By dhineshraj1410
  • BREAKOUT of Inverted Head & Shoulder pattern.
  • Breaking the RESISTANCE LEVEL OF 288 - 290, which has been formed since APRIL, 2018 and acted as Resistance level for Four times in Monthly Timeframe.
  • HUGE VOLUME supporting the breakout candle in Daily timeframe.
  • These above points confirms it as a STRONG BREAKOUT.
  • SUPPLY ZONE is at 315 - 320 levels, which is created during FEBRUARY, 2018 in Monthly Timeframe and it has not been tested again.
  • Go for LONG, from 293 to 295, after the retest or pullback comes and pullback can happen for the price to catch up with EMA 20
  • Target 315 - 320, because of Supply Zone.
  • Stoploss at 283 - 285, just below the resistance level.
Head and ShouldersSupport and ResistanceVolume
dhineshraj1410

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