Short on Rallies

BPCL has completed Cycle wave 3 earlier this year. W5 of this cycle W3 was substantially extended.

Consequently the correction in the form of W4 would also be substantial.

As shown below in the 15 min chart, first set of ABC correction is already complete. The stock should now consolidate for next few days with upward bias.

Consequently, the strategy here should be to wait for some upward movement and short in the 680-700 Zone. This is a heavy dividend paying stock, so be alert of such corporate activity.

Note: The post is meant for educational purposes only; not a trading recommendation.

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