nano6yogesh

Rally in Oil Marketing Companies (OMCs)?

Long
NSE:BPCL   BHARAT PETROL CORP
As we know, Oil Marketing Companies (OMCs) are being hammered since a long time now due to recent rise in Crude oil price and Rupee depreciation.

Today’s strong Bullish candle may signal an end to this downtrend.

I can see a Double Bottom formation here on BPCL NSE:BPCL with Positive RSI Divergence and similar structure has been observed on IOC and HPCL NSE:HINDPETRO as well.

Let's see if it manages to hold the Double Bottom !l

Have taken long position here with target of around 440 and stop loss of 368.
Comment: Booked my profit in this one, as not sure what Trump says about Iran today. Better to hedge if one intends to stay long .Will review the situation tomorrow.
Comment: Looks like a good buy now till hit holds 370 zones. If Nifty were to fall, we may see people flocking to these companies after so much hammering !

Comments

Good job sir.. I see MACD is also crossed in Daily chart.
Reply
nano6yogesh rbhawsar27
@rbhawsar27, Yes...Thanks !! I wanted to keep this position but don't wish to take the risk of an upcoming event. Technically looks sound !
Reply
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