BPCL downtrend continues and might test 340 levels
BPCL continues downtrend. expected to be heading towards 340 level.
Negative indicators include:
1) CCI below 100 crossing from above
2) New Shorts initiated with falling price but increasing open interest.
3) William %R below -20 crossing from above indicating bearish
4) Increasing Oil prices result in more under recoveries. Subsidy burden sharing history might repeat in coming months of elections in Rajasthan and Madhya Pradesh
Negative indicators include:
1) CCI below 100 crossing from above
2) New Shorts initiated with falling price but increasing open interest.
3) William %R below -20 crossing from above indicating bearish
4) Increasing Oil prices result in more under recoveries. Subsidy burden sharing history might repeat in coming months of elections in Rajasthan and Madhya Pradesh
Trade closed: target reached:
It seems that subsidy sharing news came early and did the work. BPCL trading lower than 310 by end of 4 Oct 2018