Petronet LNG Limited (Weekly Chart)

CMP: ~₹315 Timeframe: Weekly Structure: Rounding Bottom → Major Resistance Retest 🟢 Big Picture You’re looking at a large rounding base formed from mid-2024 to early-2026. Base low: ~₹260 Neckline resistance: ₹315–₹320 Price now testing neckline This is a long-term reversal setup, not a short-term trade. 📐 Pattern Implication Cup depth ≈ ₹55–60 Measured move: ₹320 + ₹55 ≈ 🎯 ₹370–₹380 That aligns with prior swing highs on the left side of the chart. The blue projection on your chart (~₹365–₹370) is technically valid. 🔍 What Makes This Strong ✔ Multi-month accumulation ✔ Higher lows forming ✔ Clean curvature (no erratic spikes) ✔ Breakout attempt happening after tight consolidation This is how institutional accumulation looks. ⚠️ Critical Level ₹320 weekly close is key. Weekly close above ₹320 = confirmed breakout Rejection from ₹320 = more time in range This level has acted as supply before. 📊 Risk Levels Immediate support: ₹300 Major support: ₹285–₹290 Invalidation: Weekly close below ₹280 weakens structure. 🔥 If Breakout Sustains Targets: 1️⃣ ₹350 (first supply zone) 2️⃣ ₹370–₹380 (measured move) 3️⃣ ₹400 possible if momentum expands Upside potential: 15–20% swing. 🧠 Character of the Stock Compared to PSU banks you shared earlier: Less volatile Slower mover More positional than momentum This is a steady swing candidate, not a fast breakout runner. 📌 Strategy View Aggressive: Partial entry on breakout candle Conservative: Wait for weekly close > ₹320 Best R:R: Breakout → Pullback → Continuation