Neutral on BPCLBPCL can move either side.
Chart analysis shows it has broken the support zone and should head down towards 360 levels
But privatisation and fall in crude oil price can push the price up.
Due to coronavirus, the market is mostly based on the news rather than technical.
Upside target of 503
BPCL
Long on BPCLBPCL has broken the weekly trendline (white colored line) and also retested it on last friday.
BPCL has yet to break the green trendline , which would confirm the bullish flag pattern and shift BPCL's momentum towards bullish .
BPCL has used the orange line, which was previously a resistance, as a support and is ready to bounce up.
Target 500 with SL at 460
Running into a resistance/supply area.BPCL has been moving sideways to down since last few months. The levels of 480 - 485 will be acting as resistance. We can notice a gap as well. The RSI is trapped into sideways range. The 480 - 485 levels needs to be broken off to re establish trend up, failing which the stock may still correct further,
A very crucial price action bar formed on BPCL todayBPCL: An important candle formation has been printed on the BPCL daily chart. It’s a bear engulfing candle along with a “double key reversal” action. This is a very prominent signal in shift of control from bulls to bears. Also RSI has taken resistance at 60 levels with a bear divergence, a strong loss of momentum! Any further decline especially below 500 can will not be a good news for BPCL bulls.






















