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
BPCL
with Positive RSI Divergence and similar structure has been observed on IOC and HPCL
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.
Today’s strong Bullish candle may signal an end to this downtrend.
I can see a Double Bottom formation here on BPCL
BPCL
with Positive RSI Divergence and similar structure has been observed on IOC and HPCL
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 !