Hindustan Petrol oil related NSE stock buy opportunities with new weekly demand level created around 233, following suit what Brent Oil and Light Crude Oil are doing, all three reacting to monthly demand levels.
There is a clear long bias with a very strong reaction from a monthly demand imbalance around, a very strong monthly pin candle has been created four months ago. That reaction has created a new weekly demand level around 175. No shorts are allowed in this oil related Indian NSE Stock, Hindustan Petrol HINDPETRO has a clear long bias now. It might take a while for price to retrace to that strong weekly demand level, if it does then it will also become a monthly demand imbalance and give the level even more odds. In the meantime new lower timeframe demand imbalances can be created for swing trading and intraday, the weekly chart below is more of a longer term analysis for Hindustan Petrol Indian Stock.
This analysis is similar to Indian Oil Corp IOC supply and demand analysis with similar demand levels being created
Very strong weekly supply level created, no reasons to go short. We don’t need any kind of lagging o non lagging indicators, no earnings, just pure supply imbalances in order to plan a trade.
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