SWING IDEA - HINDUSTAN PETROL
Updated
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 :
Target - 530 // 595
Stoploss - weekly close below 449
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Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
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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
DISCLAIMER -
Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
@visionary.growth.insights
Note
Hammer candle formed at support, we can add quantityTrade closed: target reached
1st target achieved : 10.1% ++Note
formed a bullish engulfing candle, hold !!Note
New swing high, we're up by 9%++Note
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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