praveen.bhatiya
Long

Bullish Engulfing, Divergence at Rectangle pattern Support

NSE:BPCL   BHARAT PETROL CORP
Price has been moving in Rectangle pattern with multiple touches on both sides. It's a tall pattern with the width of 80 points so one can trade it like : buy at the bottom and sell at the top one, then reverse the trade. Previously it has given only one single touch on both sides but this time it has consolidated long. It is making divergence and today's engulfing suggests that buyers are emerging after the consolidation. One can buy the stock now with small stop loss of low of today. It may touch the other side but it can touch 500 level soon and for that risk to reward would be reasonable good.
Disclaimer : All ideas and comments are my personnel view, please take advice of financial consultant for trading decision.
Trade active
Trade closed: stop reached
Nice one!
Reply
@safri, Thanks Though not your fovourite Dr Andrew's teaching this. I do like classical chart pattern very much :)
+1 Reply
Nice observation and analysis :)
Reply
@tRex88, Much appreciated from experienced Analysts :), Thanks a lot Sir !
+1 Reply
tRex88 praveen.bhatiya
@praveen.bhatiya, I like this setup for its excellent risk reward!
I am not very experienced sir. I am learning :)
Reply
@tRex88, We all are learning. Yes I do trade and post the ideas only when risk is affordable. I find others reliable setup also but avoid if the amount involved is too much moreover after the new FO lot size of approx. 10 lac it has already become an costly affair for small traders.
+1 Reply
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