SWING TRADE OPPORTUNITY IN BPCL
As you can see in the image above that BPCL has broken out of a CUP & HANDLE formation and has come to level which is very favourable level to go long.
A Cup & Handle formation usually comes with its own Targets, which is, the price difference between the neckline of the cup to the lower circumference of the cup. As shown in the image above.
To be on the safe side of the trade, we have taken the Inner Circumference into consideration and not the Outer Circumference for the Price Range, so that we are able to gauge the targets better.
The First Target for this trade is around 450 price levels, the Second Target is around 465 price levels. We can maintain a strict trailing Stop Loss with it starting at 380. if the trade is succesfull and reaches its 1st Target we get a favoyrable Risk:Reward ratio of 1:3.
Happy Trading & Investing, let me know if you liked the analysis and please give your feedback to help me publish ideas better.
As you can see in the image above that BPCL has broken out of a CUP & HANDLE formation and has come to level which is very favourable level to go long.
A Cup & Handle formation usually comes with its own Targets, which is, the price difference between the neckline of the cup to the lower circumference of the cup. As shown in the image above.
To be on the safe side of the trade, we have taken the Inner Circumference into consideration and not the Outer Circumference for the Price Range, so that we are able to gauge the targets better.
The First Target for this trade is around 450 price levels, the Second Target is around 465 price levels. We can maintain a strict trailing Stop Loss with it starting at 380. if the trade is succesfull and reaches its 1st Target we get a favoyrable Risk:Reward ratio of 1:3.
Happy Trading & Investing, let me know if you liked the analysis and please give your feedback to help me publish ideas better.
Comment:
Stop Loss got triggered on 21st Decemeber 2020