varadtambolkar

BPCL - Reversal formation

Long
varadtambolkar Updated   
NSE:BPCL   BHARAT PETROL CORP
BPCL has formed a inverse head & shoulder pattern.

Volumes dried and picked up, as the volumes picked up price didn't move much lower indicating demand.
Today price moved up on high volumes crossing highs last 4 sessions.
This increases chance of a good breakout in coming days.

SL 298-300

On other timeframes.

Weekly : Master/Mother candle


on 30 min Timeframe.
Narrow range just below consolidation

Comment:
Gaining 1:1 wrt to 308 entry point.
Trade closed: target reached

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.