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HINDPETRO : Price broke out of 3months old consolidation range

Price is floating well above the consolidation range of 750-815 after a strong breakout above the range.Since we got two false break of both the ranges(support & resistance), we'll be considering ranges as support & resistance zone now. Usually, price consolidates in a range prior to a big move as a process of accumulation of big players.Next layer of major resistance is seen around 990 level & we got a minor resistance around 945 to watch out. We'll be looking for price action buy signals using lower timeframes(15min) either on a pullback around 825-800 level of support zone or above 860 layer of resistance for a target of 990 layer of resistance.

SUMMARY : READ price momentum context – RECOGNIZE the pattern going on – TRADE the pattern till it ends and to learn it all join me in my ADVANCE TRADING COURSE & trade with me real-time using higher & lower timeframe charts.  

PLS NOTE : All chart analysis posted here are the author's own idea of trading for educational purpose only &  not any form of advice or recommendations or opinion to anyone.

3.12.2015

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