Which side is right side -Long or ShortBPCL has done an extraordinary move over the past 34 trading days and closing the week at the support level. Can be a potential short if it opens below 488 for downside target of 448/418. For longs, need to wait for the price to close above 538. I think that temporary top may be in.
BPCL
BPCL is trading in over-reaction area. The following factors are -ve.
Price is too far from 20 M.A.
Tail found at the area of over-reaction.
Wave(5) is so close .
The price is out of trade channel area.
Professional and smart money investors whatever you called them such as Speculators, Arbitrageurs, Fund managers, insiders, etc. are already entered near the wave (4). Focus on their profit booking for short this stock .
Logically, best short price 466 nearby for maintaining good risk and reward as a protective stop above 474 above. Thinking about everything is exactly what target is targeted 438 and 400 below.
BPCL THE SLEEPING TIGERBpcl has been beautifully consolidating on weekly and is looking good to make a explosive move in coming weeks.
Buy on the breakout for a possible new ATH.
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