AmeyKajarekar

BPCL- Ascending Triangle Pattern Breakout?

Long
NSE:BPCL   BHARAT PETROL CORP
NIfty50 stock BPCL formed Ascending triangle pattern.

You can see Rising lower trend line having ascending Higher Lows and a Flat upper trend line acting as resistance line.

I have marked A and B point, to calculate the target.
Price at A point = 252
Price at B point = 478.65
Formula to calculate the target is
Target = (Price difference between A & B) + Price at point B
Price difference between A & B = 478.65 - 252 = 226.65
Target = 226.65 + 478.65 = 705.30

So we can have our positional target near 705.30

This is my personal view about BPCL . Take it as educational purpose. I am not sebi registered or any Stock market expert. I am not responsible for profit or loss.

Comments

what is the time period for target achievement
+35 Reply
@prakash01more consider 6-8 months
+6 Reply
I think target kuch jyada hogaya 511 &550 pr resistance face kar sakta woh
+24 Reply
AmeyKajarekar HeyNifty50
@HeyNifty50, My target is not for the short term. Its for long term.
Reply
Great one sir! I have few queries as a beginner. Would be great if you could share some light. Why the entry is 478? Is it because of the most nunnery of touches on the horizontal line is at 478? Is it safe to enter at 478 when we have wicks till 488?
+6 Reply
@kumaransiva1412 Thank you for valuable response. It's an ascending triangle pattern. upper line is resistance. You can see maximum times stock goes to price 478 and falls down. so it's important price. My recommendation for you is wait for a Breakout and a confirmation candle. Also you can check MACD and RSI indicator for more confirmation.
Reply
kumaransiva1412 AmeyKajarekar
@AmeyKajarekar, do you draw resistance keeping the recent rejection more important than the past? Also, it has broken above the 479 resistance zone but as a beginner i didnt enter as the volume wasn't great. Do you consider it a good breakout?
Reply
AmeyKajarekar kumaransiva1412
@kumaransiva1412, No we can't say its breakout. Breakout is when there is a BIG GREEN candle and Volume. Wait for right time. Don't trap yourself. For beginners, Wait for retest for safe entry as you can get a confirmation.
Reply
Most likely going to test lower line and then a up-move, good analysis.
+6 Reply
@InvestPro_India Yes we can also consider this possibility.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter