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sankatradesindia
Jan 12, 2021 3:56 AM

What will happen to BPCL from here? Long

BHARAT PETROL CORPNSE

Description

Just look at the number of times that trend line has been tested. It has not managed to break it. Will it be done this time?

If it breaks it, the move could be HUGE!

Keep this on radar.

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Comments
kiranbchitari
How to take entry in such cases? Can we enter tomorrow or when is the right time?
sankatradesindia
@kiranbchitari, Depends on what your risk profile is.

There are multiple ways to look at it.

1. Do you want to enter immediately? In this case you would get it at a better price, ie, lower price if you are going long. But with that comes a higher probability of a stop loss if the breakout is not decisive. If you see, it has failed to breakout 5 times from this trend line which means the resistance offered is pretty strong at this point.
2. Are you ready for a confirmation? I am a small trader myself and I would wait for one of the two: A confirmation candle of the next session (goody long body with good volume) to enter the trade. In this case, you are naturally entering into the trade at a higher price, but you are also entering only if the momentum is guaranteed.

Hope I answered your question. :) Cheers!
kiranbchitari
@sankatradesindia, Thanks for the detailed explanation...
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