BPCL
BPCL Forms INVERTED HEAD AND SHOULDERS PATTERNAn inverted head and shoulders patter was identified on the 15 min chart of BPCL after the closing on Friday. The shoulders (Rs.354) )may act as a major resistance level for the same, and surpassing it may give us levels upto 360. On the contrary, the neckline (Rs. 349) may act as a major support level. If the price falls below this level we can witness a downward trend till Rs. 344.
BPCLMy personal view - BPCL is either forming a corrective wave pattern or a triangle ( if trendline holds).
Since its a weekly chart not going for short strategy (since its bearish now for short-term)
Will wait for proper levels to consider it for portfolio long term.
My view is around 200-220 levels - lets see how the chart unfolds ahead.
Feel Free to correct me :)
BPCL Buy candidate: Awaiting confirmationsHi Traders,
BPCL is again a positional trade. It needs some confirmations, waiting for it to see rejections at its support bed of 313-330.
Upon confirmations we can enter the trade as follows:
Entry: 325-335
Target: 375 (60%), - 380 (10%), - 415 (15%), - 452 (5%)
SL: 306
Keep following for confirmation.