The stock has formed 3 Drive on Top pattern and we can see the similarity at distribution Zone at top 2 and 3. It is also touching the upper Median line thus giving a good entry for shorting the stock. Those who could afford the stop loss of 745 can short it now and expect a target of 650.
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Trade did extremely well after initial tried by smart money to shake the confidence of weak traders.
@dev_trader, Thanks ! since the data is delayed on Tradingview there are less participant so I remained absent. My intention is that we all make profit and go together.
dev_trader
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@Praveen.bhatiya, Please keep going. Good luck to us all.
SagirKazi
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On Basis of HPCL Result, Stock has given a Close of 750 as of 26th May so i guess ur Stop Loss has trigged
praveen.bhatiya
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@SagirKazi, Good result of HPCL worked like fire to the fuel as market was also very strong in last 2 days. Technically the stop loss has triggered as it closed above the SL level but I would reenter again on saying the weakness until this setup is valid.
SagirKazi
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@Praveen.bhatiya, Well i am no expert in Technicals , but i do understand Fundamentals .
Based on HPCL result which showed a jump in EPS from 58 to 81 y-o-y biases if BPCL shows somewhat similar performance expect atleast 5% or even 10% upside on Monday from current close.
SagirKazi
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@SagirKazi, P.S BPCL has Result announcement on monday , expect Dividend issue also :)
praveen.bhatiya
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@SagirKazi, Thanks for update being into Technical Analysis it is recommended not to give attention to the news/rumors as one can loose the objectivity and every news good or bad would reflect into price.
SagirKazi
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@Praveen.bhatiya, Bro i think ur good Technical analyst but i think you have picked wrong Stock to Short.
i had purchased this stock at around 460 levels and sold the same around 720
now purchased again at 640 few weeks ago and still have open position.
Yes News / Rumors would reflect into price but you cannot miss your Stoploss if your strategy is pure Technical based.
We both have totally opposite view and opposite analysis on this stock which is fine since mkt exists due to opposite views.
Anyways good luck for ur bright future will surely follow for your future post.
praveen.bhatiya
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@SagirKazi, Thanks for the nice words and wishes. Let's see what BPCL would do in coming days. Just a word of caution following me as trading is slightly different from investing as the risk taken and time frame differs. I do trade for maximum 3 weeks. I would look forward to see your comments.