BPCL Gann Octave Analysis

BPCL Gann Octave Analysis

• Gann Octave captures majority of tops, bottoms and consolidation levels so far
  
  
• CMP 400 (a square number) is also 50% retracement level from all time high, hence an important trade level
  
  
• Supports: 363 / 326 / 301
  
  
• Resistances: 437 / 474 / 499
  
  
• Gann dates in JAN: 01 / 11 / 14 / 19
  
  

Comment:

BPCL Trade Setup

Positional: Close above 404 Target 424

Intraday:
Buy above 404 | Targets 408, 412 and 416 SL 400
Sell below 398 | Targets 394, 390 and 385 SL 402

Not a recommendation. Trade at your own risk.

Trade closed: target reached:

Both positional and intra day targets achieved.

Comment:

Important levels to watch:

430 (Trend line Resistance)

437 (Gann Octave Level)

Comment:

At multi year trend line resistance.

Comment:

Back to 400 zone.

Comment:

Bounced again from 400 on 18th Jan | Heading towards trend line resistance again.

Comment:

Narrowing triangle.

Comment:

Broken out above triangle resistance | Currently trading near breakout level | Sustaining above 437 would confirm further up move