vipulmehta817

BPCL Bouncing off from Trendline

Long
NSE:BPCL   BHARAT PETROL CORP
BPCL is bouncing off from its 1.5 year long trend line . It has bounced off from this trend line every time since Mar'2020 fall, thus forming and re-forming the support. Also, Daily chart is exhibiting RSI divergence as well.
We are bullish on this stock with 480 resistance zone as target.
Trade closed: target reached: Target of 480 reached. Now we are at year-long resistance. Best to assess the price action in the coming days before initiating further trades.

Comments

what is the expected time period for achievement of the target. Thanks for the analysis.
Reply
@bis33ovc, Time is harder to predict hence we usually don't publish time periods for the target. If the bounce does resume, we should see the target in a couple of weeks.
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bis33ovc vipulmehta817
@vipulmehta817, Thanks
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