* On a weekly chart, after a brief correction from its all-time high, the stock has formed a Hammer candlestick with the support of its 50 weeks moving average which can be considered as a bullish reversal formation and indicates an upside movement in the counter.
* On a daily chart, the stock has given a bounce back after taking a support of its Horizontal trend line which suggests a replicate movement in the counter.
* Moreover, on an hourly chart, the stock has started to trade above its 100 hourly moving average which shows that the stock could further accelerate its upside movement.
* A daily momentum indicator RSI reading is at 51.84 level with a positive crossover which points out for a positive breath in the stock.
* Based on the above technical structure, we are expecting a good upside movement in the counter in few trading sessions.
Buy Hindustan Petroleum Corporation Ltd @ 420.60-422.70 StopLoss 411 Target 442
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