Description
⋅ Short on BPCL at current levels because of following reasons:
1. Ascending triangle formed on BPCL daily chart along with lower volumes in the last few days. - Indicated a break-out at a lower level
2. Fibonacci retracement places the next resistance level at 400. Stock expected to retrace to 360 levels
3. Simple bearish divergence noticed on the Daily chart and RSI. Indicative of a downward movement
4. The 200 day EMA level placed at 400 which will act as a strong resistance.
The above information is for educational purposes only. Kindly analyse the above before any investments.
But chances appear bleak that BPCL will cross 400 levels