Petronet LNG Daily Chart
Technical Update: Symmetrical Triangle breakout from a trading range in Petronet LNG daily chart.
Price: Petronet closed strong day on day bullish, with an outside bar bullish reversal candle on weekly charts. The stock is in strong momentum month on month and is be up 6 continuous months this year.
RSI: 14 day daily RSI is @ 63. From chart above one can clearly see how since beginning of the trend marked with circles the RSI has been making higher highs and RSI has not break below the levels since trend began. It has been bouncing from range of 50 Indicating buyer’s coming at every dips for the stock and trend is strong up.
Trend: Short term sideways with upside bias, medium term, primary trend are up with strong support at 170 Levels.
Volume: The volume expansion is clearly seen on rallies where as corrections has shallow volume.
Weekly Chart Petronet LNG
Technical Update: Above is the weekly chart of Petronet LNG the price has faced strong resistance at 175-180 in past. The stock has faced selling pressure from these levels in past four occasions. On positive side the price has managed to close strong bullish candle on weekly close in previous week indicating bulls in charge still for the uptrend.
Petronet LNG Monthly Chart
Technical Update: The price after making the breakout on monthly chart previous month has been able to hold on the higher levels. The formation targets for monthly breakout is around 220-230 Rs
Trading Strategy: Short term trader’s Buy Petronet LNG cash in dips to 183 -177 stop loss 168 Targets 220-230, For Investor Point of view the stock could be accumulated in any good correction till 155 stop loss of 120 targets 300