Petronet LNG Limited has broken the rising trend up in the medium long term, which indicates an even stronger rising rate. The stock has also broken a rectangle formation. A decisive break of the resistance at 223 will signal a further rise to 271 or more. It also gave positive signal from the rectangle formation at the break up through the resistance at 218. Further rise to 228 or more is signaled. The stock is approacing resistance at 229 rupee, which may give a negative reaction. However, a break upwards through 229 rupee will be a positive signal. The short term momentum of the stock is strongly positive, with RSI above 70. This indicates increasing optimism among investors and further price increase for Petronet LNG Limited. However, particularly for big stocks, high RSI may be a sign that the stock is overbought and that there is a chance of a reaction downwards. The RSI curve shows a rising trend, which supports the positive trend. The stock is overall assessed as technically positive for the medium long term.
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