Chennai Petro : Contra Play
Chennai Petro is falling knife for traders who want to make out of minor reversal in the trend. Minor bounce can happen till 217-218 but actual buying should emerge around 180 & 165 level for Mean Reversion play. Stochastic is already in oversold zone which indicates a bounce is likely to take place in next couple of sessions. Trader should wait for low of parallel channel to go for Short term buying. 160 should be the SL on closing basis. Reversal towards 10 & 20 days EMA should be the target for such kind of position.
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