The stock has been behaving exactly opposite to the movement of Index. While Index is about to scale new highs the stock is about to break its major trendline since Nov 2009... First time it touched this trendline in Nov 2009, the stock bounced back 33%. Second time it touched in Feb 2010, the stock bounced back 24%. This time i am expecting a bounce back of 10-15% if and when it happens. Buy Petronet Lng 77-77.5 with a stoploss of 74 on closing basis and look for targets of 84/90 in short term...
Have a nice trading day
Regards
Ankit
Hi Ankit,
ReplyDeletePetronet is no doubt oversold as on close June 25 and adx and macd too are supporting a possible upmove ; I for one would like it to cross 81 and then 84 for a surge. 81-84 is a strong supply area. Beyond 84 i see 88-99-105.
Sir yes u are correct.. Thats why my first target is 84... :)
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