Petronet LNG- Symmetrical Triangle, Cup and Handle & now Channel
Petronet LNG earlier broke out from a long Symmetrical Triangle in January 2017.
Then it went on to form long Cup and Handle pattern. It broke out of Cup and Handle pattern in April 2017.
And now it is trading in an upward Channel. The stock is trading at Channel support range 420-425.
The risk:reward ratio is highly favorable and is a high probability trade.
Stop loss can be placed at 400 and 1st target can be looked at 480 levels. 2nd target would be at 520 level.
Then it went on to form long Cup and Handle pattern. It broke out of Cup and Handle pattern in April 2017.
And now it is trading in an upward Channel. The stock is trading at Channel support range 420-425.
The risk:reward ratio is highly favorable and is a high probability trade.
Stop loss can be placed at 400 and 1st target can be looked at 480 levels. 2nd target would be at 520 level.
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