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 !