NIfty50 stock BPCL formed Ascending triangle pattern.
You can see Rising lower trend line having ascending Higher Lows and a Flat upper trend line acting as resistance line.
I have marked A and B point, to calculate the target.
Price at A point = 252
Price at B point = 478.65
Formula to calculate the target is
Target = (Price difference between A & B) + Price...
Good Breakout today after the big gap down and also recovered quickly, can expect a good upside momentum in the upcoming days
*Broke the resistance of 444 and once it becomes the support level. shareholders can see some green in their portfolio.
not much to worry for Medium and long term investors
*swing traders, short term traders need to trail Stop loss for some days.
Trade Setup for Date 28-09-2021:
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.
4) Avoid gap up...
FORMING "W" pattern :
when entry position with target of 2-2.5 % Swing trade /btst
Btst 2-2.5 % is good as the share will not get into your for 2 days you dont have to get charged for DP charges best part the charges will be like intraday
Could wait for more days for better return but currently doing swing BTST only per week only 2 -3 trades with...
BPCL is in a good Downtrend and there is no quality Demand on high time frame to hold or give a reversal
1 hour good Supply zones.
Both can be traded or trade only the Top Supply zone which is coinsiding with Daily Supply also is coinsiding 240 min Supply zone
Since planning for Intraday , Target should be 1:2 RR