BPCL Bullish for swing or short term Trade.
BPCLBPCL on daily chart looks bullish for swing or short term trade.
On daily chart of BPCL after price rejection from 436 on 9th of February 2021 it did not received proper follow through for selling and went sideways for few days.
On 17th February 2021 though it made Gap Down opening which at that time seems like good opportunity for seller but if you observe the daily candle of that day its seems sellers were weak and they didn’t managed to keep the prices lower and hence day closes near the high which indicates that there is very less supply in this stock at least for now.
Result of which we are seeing today is stock prices are moving higher and day’s closes likely to be near its high which is going to be good opportunity for swing or short term trader. But one can prefer to wait for a breakout to the resistance level of 436.
SL for this trade is going to be at 375 while targets being of 480 and 520.
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