nirav5

BPCL Channel Support with Potential Bullish Cypher

NSE:BPCL   BHARAT PETROL CORP
98 0 8
We can expect a reversal in BPCL             between the zone 644 - 658.
It can be a good opportunity for positional long trade.
Please wait for the reversal candle on a daily basis before initiating the trade.
I will update on confirming the reversal.
Trade active: Although channel was broken, there are below clues which indicates chances of bounce back for BPCL.

1. Support taken near 600 level.
2. Hammer candle on weekly chart.
3. Almost double bottom.

Please enter on a retracement near 620, so that risk reward becomes favorable.
Target 1 - 665
Target 2 - 685
Stop loss - 598
Trade closed: target reached: Target 1 reached. Personally I did not enter the trade.
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