Double top pattern formed in 1D timeframe of HINDPETRO
Double top pattern formed and neckline broken in 28th July 1D timeframe. It has taken support on 50 EMA line.
It has good potential to be a swing trade if it stays down below 50 EMA line on next trading session.
Go short for a good swing trade if price breaks 276.30 which is a good resistance level.
Target for swing traders can be - 263.70
If price forms bullish candle in 50 EMA line then that can act as a good support level if the price is taking a pull back currently, swing traders can go long.
Long targets can be 290 and 303 respectively.
It has good potential to be a swing trade if it stays down below 50 EMA line on next trading session.
Go short for a good swing trade if price breaks 276.30 which is a good resistance level.
Target for swing traders can be - 263.70
If price forms bullish candle in 50 EMA line then that can act as a good support level if the price is taking a pull back currently, swing traders can go long.
Long targets can be 290 and 303 respectively.