HINDPETRO

20 Sep 2021

Hindustan petroleum, this stock has formed Inverted head and shoulder chart pattern on daily time frame, and recently it has given breakout from same along with the good intensity of volume, which indicates that the stock is supposed to be bullish, more interesting is bottom of head is at perfect horizontal support trendline and target of head and shoulder is also nearby previous highs or horizontal resistance levels. all indicators of weekly and daily are also aligned with each other, so this could be a good to go long at these levels or in dips (if any) with stoploss of recent swing low which is pegged at 264.75.

Inv head and shoulder chart pattern breakout with good intensity of volume in Daily

Retested neckline in hourly

Weekly macd is Uptick and also above zero line

Daily macd positive crossover and Uptick and also above zero line

Weekly Stochastic positive crossover and Uptick

Daily stochastic positive crossover and Uptick

Rsi in Weekly Uptick and also near 60

Rsi in daily above 60 uptick

Dmi adx also positive in daily


Disclaimer
I am not sebi registered analyst
My studies are Educational purpose only
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