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Published on 24/04/2019 4:12:33 PM | Source: Choice Broking Pvt Ltd

Sell Petronet LNG Ltd For The Target Rs.221 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #Petronet LNG Ltd #Oil and Gas Sector #Trading Report #Choice Broking

 

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* On a daily chart, the stock has given a breakout of its lower band of Rising Wedge formation which is a Bearish Reversal formation and indicates a downside movement in the counter.

* Moreover, the stock has been trading below its 21 Days Moving Average since last many days which suggest a downtrend for the time being.

* On an hourly chart, the stock has started to trade below its 200 Hourly Moving Average which shows a negative momentum in the counter.

* A daily momentum indicator RSI reading is at 47.65 level with a negative crossover which points out for a negative breath in the counter.

* Based on the above technical structure, we are expecting a downside movement in the counter in a few trading sessions..

Recommendation

Sell Petronet LNG Limited @ 233.60-234.80 SL 240 TGT 221

 

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