TN Petro has broken out of its 9 month old congestion trendline. the stock had broken out of the same trendline a few weeks back but broken down below it immediately and had restested and taken support at the previous resistance of 45.5.
Since then, the stock has once again breached the 9 month old resistance trendline to the upside and closed above it both on a daily and on a weekly basis.
TN Petro now faces its immediate resistance at the 57-58 level which is our first target for this trade.
Subsequent targets are at 64.5 and 72-73 which are important technical levels from the 2018 price action for TN Petro as the chart shows
One can go long in this stock with a DCB SL of 48.8-49 which is the immediate trendline support (black trendline on the chart)
Since then, the stock has once again breached the 9 month old resistance trendline to the upside and closed above it both on a daily and on a weekly basis.
TN Petro now faces its immediate resistance at the 57-58 level which is our first target for this trade.
Subsequent targets are at 64.5 and 72-73 which are important technical levels from the 2018 price action for TN Petro as the chart shows
One can go long in this stock with a DCB SL of 48.8-49 which is the immediate trendline support (black trendline on the chart)