GP Petroleums LTD Analysis!

2 mar

GULFPETRO Weekly Analysis!
Symmetric Triangle Pattern in GULFPETRO
Symmetric Triangle Pattern breakout in GULFPETRO
Golden Crossover in GULFPETRO

Analysis:
GULFPETRO has made a clear Symmetric Triangle pattern on weekly time-frame. It is in consolidation since long and gave a breakout with high volume on 29jan. You can also see the golden crossover on the chart where 50 period EMA crossed 200 period EMA from below. Golden crossover is the indication of starting the uptrend. After the breakout price is now retesting the support. If price establishes the support zone between 63-68, it will act like a strong support.

Trade Psychology and Setup:
Entry = Current levels are good for buying(65-70)
Target = Long Term Target 224
Stop Loss = Strict Stop Loss 48.20

Disclaimer = All my analysis is for Educational Purposes only.
Before entering into any trade -
1) Educate Yourself
2) Do your research and analysis
3) Define your Risk to Reward ratio
4) Don't trade with full capital