HINDPETRO trade ideas
HINDUSTAN PETROLEUM CORPORATION LTD - Keep an Eye + Cup & Handle📊 Script: HINDPETRO (HINDUSTAN PETROLEUM CORPORATION LIMITED)
📊 Nifty50 Stock: NO
📊 Sectoral Index: NIFTY 500 , NIFTY MIDCAP
📊 Sector: Energy Oil Gas & Consumable Fuels
📊 Industry: Petroleum Products Refineries & Marketing
Time Frame - Daily
Script is forming Cup & Handle Pattern as shown in a chart.
Key highlights: 💡⚡
📈 Script is trading at upper band of Bollinger Bands (BB).
📈 MACD giving crossover.
📈 Double Moving Averages also giving crossover.
📈 Volume is increasing along with price.
📈 Keep an eye on Script, it may give breakout of Cup & Handle Pattern.
📈 Current RSI is around 63.
📈 One can go for Swing Trade ONLY ABOVE 254 .
BUY ONLY ABOVE 254
⏱️ C.M.P 📑💰- 249.95
⚠️ Important: Always maintain your Risk & Reward Ratio.
⚠️ Purely technical based pick.
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Disclaimer: I am not SEBI Registered Advisor. My posts are purely for training and educational purposes.
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Hindustan Petroleum Corporation Limited (HPCL) Hindustan Petrol Corporation Limited (HPCL) looking great as per its structure.
Base formation similar to Inverse Head & Shoulder.
Also its major support from where it made a new high is likely to act as a major area of support.( Left hand side marked with blue arrow on charts)
Will hold it till the levels of 300 if the trade goes in our favor.
Stop loss below the previous swing low 233.50 maintaining strictly.
Disclaimer: So many negative news out there for the oil & gas sector. Also the results of these companies has not been great at all. However, I personally do not follow news and results matters only if you are to invest for longer horizons. My analysis is solely based on price action and I have every right to be wrong. If my view turns to be wrong then I have no issues in taking the stop loss. Therefore, do your own analysis and have your own view with proper risk management.