The stock of Petronet LNG surged 3 per cent with above average volume on Thursday, breaking through a key resistance at ₹185 as well as its 200-day moving average. Investors with a short-term perspective can buy the stock at current levels. After retracing 50 per cent Fibonacci retracement level of its prior uptrend, the stock found support in ₹160-165 bandthis April. Since then, the stock has been on a medium-term uptrend.
It was finding difficulty in breaching the key resistance level at ₹185 in late May and again in early June. But, the stock has decisively breached it this time, adding strength to the medium-term uptrend. The stock hovers well above its 21- and 50-day moving averages.
The short-term outlook is bullish for the stock. It can rally further and reach the price target of ₹197 and ₹201 in the upcoming sessions. Buy with a stop-loss at ₹185.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.