Bharat Petroleum Corporation Limited (BPCL) on a weekly timeframe.
1st Target (1st TRG):
The price level around 344 INR is marked as the first target.
2nd Target (2st TRG):
The Fibonacci extension is marked as the second target range, between approximately 400 INR to 440 INR.
Volume Analysis:
The volume has increased significantly during the breakout, which supports the validity of the bullish move.
Support Levels:
Immediate Support and Resistance:
Two scenarios :-
Bullish Scenario:
If BPCL maintains its bullish momentum and breaks above 344 INR, it could move towards the 400-440 INR range.
Bearish Scenario:
If the price fails to sustain above 344 INR and falls below 270 INR, it might retest lower support levels, potentially around 240 INR or even lower.
Targets:
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The chart shows a series of cup-and-handle patterns, which are bullish continuation patterns.The price has recently broken out of the last cup pattern, indicating potential bullish momentum.
1st Target (1st TRG):
The price level around 344 INR is marked as the first target.
The stock price has recently touched this level and faced some resistance.
2nd Target (2st TRG):
The Fibonacci extension is marked as the second target range, between approximately 400 INR to 440 INR.
Volume Analysis:
The volume has increased significantly during the breakout, which supports the validity of the bullish move.
Support Levels:
The previous resistance level, now turned support, is around the 270 INR to 280 INR range. This is the bottom of the cup pattern.Immediate Support and Resistance:
- Current Price: 307.60 INR.
- Immediate Resistance: 344 INR (1st TRG).
- Immediate Support: Around 270-280 INR.
Two scenarios :-
Bullish Scenario:
If BPCL maintains its bullish momentum and breaks above 344 INR, it could move towards the 400-440 INR range.
Bearish Scenario:
If the price fails to sustain above 344 INR and falls below 270 INR, it might retest lower support levels, potentially around 240 INR or even lower.
Targets:
If the price manages to break and sustain above 344 INR, the next target range would be 400-440 INR, as indicated by the Fibonacci extension.
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Before taking any trade on our charts / calls, please consult your financial advisors. Thanks