BPCL is looking good to blast out of the 400 mark with a cup & handle formation. One can go long above 398 and expect 405 levels in the short term and 414 levels to be achieved in the long term.
Correct me if I am wrong. Isn't this pattern applicable only to daily charts? As william O'neil said, Cup patterns usually last from 7 weeks to 65 weeks.
Bullz_Eye
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@pradeep0037, Not necessarily, it can be equally bullish in smaller TFs. There are various traders who trade this pattern in smaller TFs as well, like for example Cory Mitchell. If you wish to know more about it you can checkout his article on the same posted in 'the balance'.
ramitbanerjee8
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@Bullz_Eye, ITS NOT ABOUT TIME FRAME BUT IT IS ABOUT " NUMBER OF BARS " , IF YOU KNOW WHAT IT MEANS - I DOUBT .
ramitbanerjee8
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@pradeep0037, QUITE SO ! this is not at any given frame of time - A " cup with handle " . it is a deformed , ROUNDING BOTTOM . and this deformity has happened due to half education , as the chart is a 30 minutes chart . indian market is a 375 mins market . and this 375 if factorized in integers then it does not return 30 . integer factors of 375 are 1,3,5,5,5 . so when you are using a 30 mins chart , in indian market , then, you are definitely mistaken . now , it is sort of ROUNDING BOTTOM pattern which is confirmed if you watch it on a 15 ( 5x3) mins or 25 ( 5x5) mins chart . EVEN on this chart the ROUNDING BOTTOM is somehow confirmed forming the BUMP ( though faulty and half hearted ) between 14:45 pm on 27-11-2020 and 09:45 am on 01-12-2020 . the LONG BLACK DAY , A HAMMER THEN A TAKURI LINE .
karanghorai52
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@pradeep0037, Yes Pradeep I believe a higher time frame chart has a higher probability for the cup and a handle pattern to be effective.
arupmahapatra
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But
Sir,
400 is a psychological point that can take resistance here.