September 08 2019

Trigger: Large Candle move

Source: Chartalert.com

As you can see in the weekly chart above, Petronet LNG stock has made a large candle move recently. With this move, the stock has been able to break out above a well-defined resistance of 255.

What does Price Action suggest?
Petronet LNG stock should exhibit strong bullish bias and in a supportive market environment, the stock can outperform other stocks by a wide margin.

Trading Strategy: The stock can witness buying around 260-265 levels and one can hope for 15% move over the next 6-8 weeks. Any decline below 249 will create lots of question mark around this trade and one should consider exit options then.

Please do your own due diligence before trading. The article has been shared for educational/informational purpose only.