The following factors are -ve.
Price is too far from 20 M.A.
Tail found at the area of over-reaction.
Wave(5) is so close.
The price is out of trade channel area.
Professional and smart money investors whatever you called them such as Speculators, Arbitrageurs, Fund managers, insiders, etc. are already entered near the wave (4). Focus on their profit...
Bpcl has been beautifully consolidating on weekly and is looking good to make a explosive move in coming weeks.
Buy on the breakout for a possible new ATH.
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BPCL has done an extraordinary move over the past 34 trading days and closing the week at the support level. Can be a potential short if it opens below 488 for downside target of 448/418. For longs, need to wait for the price to close above 538. I think that temporary top may be in.
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Breakout in BPCL on daily time frame with good volume
It is at the 50 MA and below 200 MA, but close to 200 MA, if it crosses 50 & 200 MA then it would jump further high.
Possible supports & resistances marked on the chart
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