HPCL (HINDUSTAN PETROLUEM)
- As per previous report published on HPCL, stock failed to break its major support and has now bounces back. (Click here to see previous report published on HPCL).
- Now daily chart indicates stock is moving up from 38.2% fibonacci retracement support zone, so as long as it holds above stock to favor bulls.
- Daily chart indicates if HPCL breaks and closes above its golden ratio 61.8% fibonacci retracement resistance which is around 431 then bulls to have strong grip. And price to move up.
- Intraday close watch once stock starts trading above 431, if holds above with volumes then intraday action is expecting.
- Suggested Reading - REC LTD holding strong support around 297 , a tug of war between bulls and bears at current levels.
- By looking as graph no 3. technicals indicates HPCL is holding its 50 DMA since stock was trading around 200 levels. And now also bounces back after touching 50 DMA, as long as it holds above chances are high HPCL will move up. Even stock major trend signals indicator MACD has now turned positive and moved back above 0 levels, this indicator HPCL to move up.
- Click here to see all the free trading reports (tips) published by us on HPCL.
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