BPCL - Strategy to go long

daivick Updated   
a. Prices are currently at the pivot point (Orange)

b. Prices are currently heading towards the 1st support zone (Green).

c. Current Trend confirms that 10DMA should correct itself by tomorrow or a day later.

d. The pattern of creating a higher low is confirmed. Should the current position be assumed as a higher low then it can't fall too below 1st support and should instead head towards a confirming higher high.

e. BB in daily frame shows that the price is trailing towards the lower band.

f. Their earnings are going to be reported on the 5th of august. Need to observe if the rally starts before or after.

g. Support and Resistance Band
1st Resistance - 451.30
2nd Resistance - 457.20
3rd Resistance 460.60

Pivot Point- 448.40

1st Support - 442.20
2nd Support - 438.90
3rd Support - 432.90

h. Trade Positions

Entry: 442.54
Target: 461.52 (Rs 19/-)
Stoploss: 440.47 (Rs 2.06)

h. Wait for a confirmed course correction and enter only post that.
If you've seen profit today then. Exit the trade and wait for market correction.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.