NeeteshJain
Long

BPCL - STRONG AND POSITIVE (Descending Triangle Breakout)

NSE:BPCL   BHARAT PETROL CORP
It is been observed that the price action breaks out from a descending triangle on hourly chart, indicated further bullishness ahead. It is also important to note that the price action has broken and closed above the previous resistance levels of 684 which further confirms a further positive and strong move ahead irrespective of markets volatility .

Target: 705
Stoploss: 665
Risk Reward: 1:1
Trade active: Recovering Fast from downside
Trade active: Closed in positive, up move expected in next trading session. Regards
Trade active
Trade closed: stop reached
Stoploss hit...What's ur view on this now ?

As per my understanding..It looks like it will go down to 630 levels at least.It has been running in green for months now, there should be some retracements on monthly charts as well.
+1 Reply
@Sanjay06 The stop loss is not yet hit, the price action made a low of 665.15, which is maintaining a breakout below 665 levels. If the price action breaks and closes below the price action of 665 levels then you may think of shorting to the levels of 630 until then it is still a buy with SL665. Regards
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