ICICI Direct is coming out with a Technical report on Hindustan Oil Exploration with a BUY recommendation as the stock is expected to outperform in the near term.
The share price of Hindustan Oil Exploration bottomed out near the | 156-160 range around February-March 2011. The stock recorded an ascending triangle pattern breakout in mid-March 2011 with huge volumes.
Thereafter, the share price has embarked on a steady uptrend forming higher tops and higher bottoms on the daily chart. In the process, it has also swiftly moved past its 200 day exponential moving average (EMA) after witnessing a brief consolidation below the same.
DEEPAK KUMAR
PGDM
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