Buying acceleration will increase above Rs 230 mark after that it should give spurt towards Rs 260 mark. View remains intact as long as it sustains above Rs 199 mark, says Shabbir Kayyumi of Narnolia Financial Advisors.
Petronet LNG has formed double bottom around Rs 202 which is price reversal pattern in nature. The double bottom formation is also near the consolidation made in July-August 2017 from where last rally has emerged taking stock price to the high of Rs 275.
During making of this double bottom RSI has spurted in the middle to high of 84.7 suggesting possibility of strong follow through post making of the double bottom.
Moreover, emergence of Morning stars on daily chart is indicating up move in coming sessions. Sustainability of RSI above 50 also provides strength.
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