Can I buy shares of Petronet for the short term?

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BUY PETRONET AT CUR­RENT PRICE WITH STOP LOSS OF RS 200 ON CLOS­ING BA­SIS.

Petronet LNG Ltd is cur­rently trad­ing at Rs 212.85. Its 52-week high/low stand at Rs 260/Rs 202 made on Jan­uary 31,2018 and May 16, 2018, re­spec­tively. On the weekly scale, the stock has bounced from its cru­cial 38.20 per cent Fi­bonacci re­trace­ment sup­port of its en­tire up­ward move started from the low of Au­gust 28, 2015, to its all-time high made in Novem­ber 2017. Con­sid­er­ing the daily time frame, the stock has re­cently given break­out of down­ward slop­ping trend­line formed by con­nect­ing highs from Novem­ber 2, 2018. The 14-pe­riod day RSI is quot­ing around 47.70 and it has re­cently given pos­i­tive cross­over. In the com­ing weeks, the stock is ex­pected to touch its long term mov­ing av­er­age, i.e. 200-day EMA which is quot­ing around Rs 223. On the down­side, Rs 205-Rs 200 is likely act as the short term sup­port. Hence, we sug­gest buy­ing at the cur­rent price with the stop loss at Rs 200 on a clos­ing ba­sis.

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