HPCL: A breakout candidate

Chart set up
- We are looking at weekly chart of HPCL

- after facing downward pressure from Line of resistance 4 times, it finally gave a breakout on the 5th occasion
- currently it is back retesting the breakout
- stock has support at 224 / 216 / 204 odd levels
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Trading plan
Target for the given set up
Short term - 259
Medium term - 296 / 318 (28 / 38% ROI potential)

Keep SL at
for extreme short term traders 223
for short term traders 216
for medium term perspective -203
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Understanding reward potential and risk profile
At minimum we are looking at 13% reward potential against a loss risk of 3-6%
( Risk :: Reward ratio 1::2)
At the highest target level we are looking at a reward potential of approximately 38% against a loss risk of 12%
(Risk:: Reward ratio 1::3)
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Take care & safe trading...!!!

Disclaimer
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- I have been wrong in the past and can be wrong again in future too
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be