Keep an eye on BPCL, if able to BO the resistance area above 472 then we can go long . Stock forming HH on the charts. Entry only after the BO of the area.
We can expect 490 & more..in coming days
It has broken out of the supply zone and has also retested the zone.
Hence, we can expect more in this..on long side.
NSE:BPCL
Observations:
1) On Daily Time frame Yesterday it broke 50DMA and today it took support from 50DMA.
Please refer chart below : daily time frame.
2) On Daily Time frame: Also it breakout the range today.
Please refer chart below : daily time frame.
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Trade Setup for Date 27-08-2021:
1) Don't Jump...
BPCL
Reversed from a strong supply zone, hence probability of a down move is more.
Recent breakDOWN on 30mins and follow through after a last kiss increase the probability of a down move.
Trde plan for Monday (23 Aug 2021) can be --
Sell around 454/455
With SL at 461
Targets
T1 - 448
T2 - 442
BPCL: Forms Tringle ,It may test 482 and after that it will consider as BO next level for 550.
Volume and divergence clearly seen positive at recent bottom and also form Double bottom on weekly chart.
Looks like a good swing trade for a good 7% Upside. Low risk to reward but look a high probability trade.
PS: This is only for educational Purpose kindly do your own study before trading.
Prices have risen from a falling trendline and have been consolidating for over 3 weeks and made it's first attempt at breaching past the last two weeks resistance levels.
RSI Levels are currently at 57.90
Go long should it cross 60 at tomorrow's opening
GMMA has ended the day with a positive momentum sign.
KST has shown a positive crossover
Prices have...
NSE:BPCL is approaching towards its previous resistance zone, either it will make a breakout or respect the resistance line and will stay in a range bound.
do like the analysis if it is worth!!!!
BPCL has an opportunity for swing entry with a potential of up to 495-500 level target. I am not interested in this setup because the RR is just about 1:1. Posting just for educational purposes. Rather I would trade after a breakout.
1. MACD showing strength
2. Energy sector looks bullish
3. Supported by increase in reliance
4. Possible reversal from Support trendline
5. Weekly trend is uptrend
bpcl Announced date of big dividend too so buyers will be there most probably. Do like ideas , do follow me for more ideas on other shares like Asian paints , L&T , etc.. .
Note: This is for educational purpose only. Please do not trade in F&O based on this.
There seems to be a bullish hammer at support of ascending triangle. Moreover, RSI is above 50 which indicates mildly bullish.
Buy above high of the current candle.
SL: ₹ 419
🔴DISCLAIMER
***** It's just for an educational purpose and so you must also follow your own technical analysis before taking up the trade ******
Aggressive traders enter at the breakout and conservative traders may give entry after retracement (Retracement is optional, we cannot expect every stock to take a retest after the breakout, it may also continue to have...
