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Published on 5/12/2018 5:25:20 PM | Source: Choice Broking Pvt Ltd

Sell Petronet LNG Ltd For Target Rs. 196.00 - Choice Broking

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

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* On a weekly chart, the stock has confirmed “Hanging Man Candlestick” which is reversal formation suggests southward movement in the stock.

* On a daily chart, the stock has given a breakdown of its “Ascending Triangle Pattern” which indicates a further weakness in the counter.

* Moreover, the stock has been trading below its 21*50 Daily Moving Average which is placed at 218.00 level which shows negative momentum in the stock.

* A daily momentum indicator RSI reading is at 40.50 level with negative crossover apart from this, RSI has been given breakdown of its rising trend line which point out negative breath in the counter.

* Based on the above technical parameters, we are expecting a downside move in the stock in few trading sessions.

 

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