Swing Opportunity in BPCL
Go Long above 424.4 for Targets of 436.75, 449.1, 461.45, 473.8, and 486.15 with SL 412.05
Reasons to go Long :
1. On a daily timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from 0.5 Fibonacci level.
2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.5 Fibonacci level.
3. A bullish candlestick pattern ( Bullish Harami) marked with the orange color is formed around 0.5 Fibonacci level.
4. Also there is a strong support zone (marked with purple color), from which the stock is taking support and moving up.
5. There is a gap that might get filled.
6. The stock may go up to the trendline where it may face resistance and our final target is well below the resistance trendline.
Reasons to go Long :
1. On a daily timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from 0.5 Fibonacci level.
2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.5 Fibonacci level.
3. A bullish candlestick pattern ( Bullish Harami) marked with the orange color is formed around 0.5 Fibonacci level.
4. Also there is a strong support zone (marked with purple color), from which the stock is taking support and moving up.
5. There is a gap that might get filled.
6. The stock may go up to the trendline where it may face resistance and our final target is well below the resistance trendline.
Trade active
Entry Triggered on 28 Sep 2021Trade closed: stop reached
Target 1 achieved on 29 Sep 2021Trade closed: target reached
Target 2 achieved on 06 Oct 2021.Trade closed: target reached
Target 3 achieved on 14 Oct 2021.
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