Stock -> BPCL
TimeFrame -> Weekly
BPCL has been moving in a channel since Sep 2017. Its came back to its lower trendline, took support, bounced off and now has broken trendline 1 with good volumes. This makes for a good opportunity to go long!
Risk-averse traders should wait for a strong closing above the nearest swing high (yellow box)....
BPCL --POSITIONAL --WEEKLY CHART
1.BPCL seen on chart breakdown from 480 level to 300 SUB level last few months ,
2. Rounded Bottom chart pattern seen on chart , where bottom form around 290-300 level .
3. Weekly trendline seen breakout above 320 level
4. RSI seen pullback from oversold level on weekly RSI above WMA at present bullish.
5. Weekly RSI...
BPCL looks bearish as it falls below 399 support and goes back 5 days.
BPCL made a big belt candle and started falling. According to past performance, if the trend is weak, the price will make a bunch of bearish candles. The swing dealer can wait for the T1 356 to break.
But if the market breaks the level of 399 , there may be a bullish movement in the...
After a bloodbath of a week, the markets are recovering and after a 15% fall, BPCl has taken support on its long term support with a high volume bullish candle
Moving average does not say much.
Stochastic RSI is also in the oversold region giving a long bias.
T1 Is the short term target
T2 is the Long term target
Stop loss below the support level.
Keep It Simple
This is swing trade
The stock is at support zone and have taken support zone
The first target is at 325 and second target is at 345 there is small resistances at 315 .
This is for educational purpose .
Time Frame Analysis:
Monthly : Descending Pattern / M pattern
Price & Volume relation:
Volume is supporting on Daily, Weekly & but on Monthly not.
Conclusion: We will take entry only when Support breaks or Viceversa, Good RR we can...
BPCL has beautifully respected its uptrend after taking support from a long term trendline and 50EMA during the pullback after successfully
creating a head and shoulders as updated on my previous analysis of BPCL.
All of this done on above average volume
Traget at 346.75 which is the recent high
Stop Loss: Below 50EMA
Keep It Simple