Petronet
CMP 223
This is one of those stocks that has not done anything for last few years despite having good fundamentals.
Has given lots of false starts in the past but most of the breakout fizzled out.Many a times past beahviour can help in understanding the future (exceptions are always there)
There are lot of overhead resistances as depicted by red -lines.
Still if one wants to try ( leaving aside many other good stocks) , one should add small-small postions as the price starts giving weekend closing above these red lines.But if the price again breaks those red lines on downside ,then one should exit.
Good thing here is that downside seems to be limited as the levels of 190 can prove good support- zone.
Weekly Chart
Disclaimer :This post is just a for learning few methods of price-patetrns. Views are personal. No buy/sell recommendations. These are probability study methods and chances of success/failure depend upon various factors
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