HPCL
- As per previous report published on HPCL, stock gave a sharp up move after breaking its resistance @ 431 and stock made a high @ 465 in just 2 trading days. (Click here to see previous report published on HPCL).
- Now daily chart indicates that shown has shown a bearish candlestick pattern at current levels this indicates as long as stock trades below its previous high @ 465 it will favor bears. As shown in graph no1.
- As per graph no2 stock is coming down from its previous high, so as long as stock trades below bears will dominate, but once stock closes above its trend line resistance @ 465 then bulls will get active and we can see some strength in HPCL for next few trading days.
- Intraday close watch once stock starts trading above 465, if holds above 465 during market hours then intraday bulls action is expecting.
- Suggested Reading - EXIDE INDS moving in a up channel formation , will favor bulls once closes above its trend line resistance.
- As per graph no3 if stock falls from current levels then HPCL will find strong fibonacci retracement support around 443, 430, 420 and 408.
- As per graph no4, if stock closes above its previous top @ 465, then bulls can get active again. If stock stays and moves up then will find next strong resistance around 515 its 161.8% fibonacci retracement. Close Watch.
- Click here to see all the free trading reports (tips) published by us on HPCL.
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