Oil Marketing Companies (OMCs) – Bottom in place?
The Bear onslaught on Oil Marketing Companies (OMCs) has been going on for a long time now.
However, with Crude starting to come down we may see some buying interest coming back to these stocks.
Rupee is also at one of the lowest levels against Dollar, so a bounce back there may further help cut Oil Marketing Companies’ Losses.
I can see the price making a lower bottom here with rising RSI showing a positive Divergence.
Good opportunity to buy HPCL
HINDPETRO with a small stop loss for a first target around 327 levels.
Similar structure can be observed for other stocks like BPCL and IOC.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
However, with Crude starting to come down we may see some buying interest coming back to these stocks.
Rupee is also at one of the lowest levels against Dollar, so a bounce back there may further help cut Oil Marketing Companies’ Losses.
I can see the price making a lower bottom here with rising RSI showing a positive Divergence.
Good opportunity to buy HPCL
HINDPETRO with a small stop loss for a first target around 327 levels.Similar structure can be observed for other stocks like BPCL and IOC.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
Disclaimer
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