SMC Global Securities
200-days Exponential Moving Average (DEMA) of Petronet LNG on the daily chart is currently at Rs 222.74. The stock consolidated in a stiff range and formed an “Inverted Head and Shoulder” pattern on weekly charts, which is considered to be bullish.
Moreover, it is likely to close on verge of the breakout of same along with huge volumes. Apart from this, it also manages to trade above 100 WEMA, which also gives a positive outlook for coming days, so one can initiate long in the range of Rs 220-222 levels for the upside target of Rs 240-245 levels with stoploss below Rs 210.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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