Bpclanalysis
Bharat Petroleum Corporation Ltd - Positional TradeDate : 10-May-2024
Rating : Buy - Positional Trade
LTP : Rs. 618.65
Targets: (1) Rs. 687 --> (2) Rs. 770
SL : Rs. 580 on daily close basis
Technical View:
• NSE:BPCL is in its primary uptrend and was recently going through it's secondary downtrend.
• After touching the high of 687.95 on 16-Feb-2024, it has retraced 19% to 556.40 level.
• On 29-Apr-2024, NSE:BPCL has broke out from its secondary down trend with high volume and re-tested the down trend line twice, on 30-Apr and 9-May.
• NSE:BPCL has also closed above 20 DMA, 50 DMA and 21 DEMA on 10-May-2024.
• RSI is trading at 53.91 and MACD is trading at 4.01.
• Looking good to start a new swing from here.
Disclaimer : I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. Ideas are published for learning purpose only.
BPCL Breakout target 900+Hi,
Eecepting NSE:BPCL to reach target of 900 Rs. in coming days/weeks. A very nice price action supported by good volume is seen in BPCL. It is also bullish on daily, weekly and Monthly MACD Charts. Expecting the momentum to continue...
NSE:BPCL is currently trading at very good buying levels.
This is for educational purpose only...
Bullish Flag Pattern in BPCLIntroduction:
Bharat Petroleum Corp. Ltd. is a holding company, which engages in the business of refining of crude oil and marketing of petroleum products. It operates through the Downstream Petroleum and Exploration and Production (E&P) segment. The Downstream Petroleum segment includes the refining and marketing of petroleum products. The E&P segment focuses on hydrocarbons. The company was founded on November 3, 1952 and is headquartered in Mumbai, India.
Analysis
A Bullish Flag and Pole pattern is visible on the 4 Hour chart of NSE:BPCL
The Flag and Pole pattern is a bullish continuation pattern and it is visible in charts after a meaningful appreciation in the price.
MACD gave Positive crossover on Daily, Weekly and Monthly chart. So, expecting the momentum to continue.
One can create a fresh position in the scrip near Rs. 395-400 levels with the stoploss of Rs. 380 on Daily closing basis for the following targets 408.15, 415.25, 421.05, 429.15,
437.65, 442.50 and 448.60
Risk Disclaimer:
The trading ideas and analyses presented here are for educational purposes only and do not constitute financial advice. Trading and investing in financial markets involve risk. You should carefully consider your own financial situation, risk tolerance, and investment objectives before making any investment decisions.
The information provided in this analysis is based on my personal interpretation of market conditions and the available data at the time of writing. It is subject to change without notice, and I cannot guarantee the accuracy, completeness, or timeliness of the information provided.
Trading and investing carry the risk of substantial losses, and past performance is not indicative of future results. Always be aware that markets can be unpredictable, and prices may move against your trade or investment.
It is advisable to seek advice from a qualified financial professional and to conduct your own research before making any investment decisions. You should only invest funds that you can afford to lose.
I am not responsible for any trades or investments made based on the information presented in this analysis. By reading and using this information, you acknowledge and accept that you are solely responsible for any losses you may incur.
BPCL long target 400+Buy BPCL above between 558 to 365
SL 338
T1 - 387 (1:1)
T2 - 409 (1:2)
Index OIL n Gas Index will try to make higher high so Index will be bullish.
BPCL forming bullish head and shoulder pattern on weekly time frame.
BPCL formed W pattern breakout with volume
Took support from bottom trend line
BPCL Next Target is 297/285BPCL Breakout happened in a lower time frame i.e on 15 minutes.
So the next Target expected for BPCL is 297/285.
IN my previous calls, I explained about the movement of the BPCL, ADANIET and JSWSTEEL. Check my prev calls.
Explained about SL and the Target in the video posted in TradingView
Tradingview ( TanujaK) is my profile.
NOTE: Published Ideas are for ‘’EDUCATIONAL PURPOSE ONLY’’ trade at your own risk.
NOTE: RESPECT The risk. SL should not be more than 2% of the capital.
Happy Trading
#BPCL @BPCL BPCL 10% movement downward ;#BPCL @BPCL
BPCL 10% movement downward ;
Breakdown happened on lower timeframe, so expected target is 295
Almost 10% profit
NOTE: Published Ideas are for ‘’EDUCATIONAL PURPOSE ONLY’’ trade at your own risk.
NOTE: RESPECT The risk. SL should not be more than 2% of the capital.
Happy Trading
BPCL: Inverse Head and Shoulder reversal Inverse Head and Shoulders Continuation:
This pattern forms in an extensive upside rally. It consists of a left shoulder, a head, and a right shoulder.
At the end of the left shoulder, a minor correction takes place on the upside which happens on the low volumes comparatively the starting of the left shoulder. After this again a down move can be seen on large volumes forming a head having its bottom is below the left shoulder following an upmove correction on lower volumes & completing the head.
The completion of the head must be above the top of the left shoulder. If the prices rise above the top of the left shoulder then too this pattern remains intact. In the end, the right shoulder is formed usually on smaller volumes comparatively the previous two rallies.
Now if you connect the tops of the left shoulder, head & the right shoulder there will be a formation of the ‘Neckline‘. This line will act as a decision line. If the prices break this neckline & give closing above the line, this will be the confirmation of the breakout of the Inverse head and shoulders pattern.
However, it has been noticed that after breaking of the neckline the prices again attracted towards this neckline. We say this phenomenon as a retest of the neckline which will add some more confidence while trading this pattern.
After retesting if the prices again start rising, this will be the final confirmation of the up move as shown above.
The bookish target of this pattern is taken as the vertical price range from the bottom of the head to the neckline & the bookish Stop loss should be the bottom of the right shoulder. However this stop loss can be big, so it is advised to keep a stop loss of 4-5% of the price range below the neckline.
TRADING STRATEGY:
Buy on cmp add on dips , keeping SL of 320 look for the measured target of 415 and beyond that targets are 443 /500 as per ElliottWave perspective.
BPCL giving a break out of cup and handle pattern.BPCL on the daily time frame has given a break out of a cup and handle pattern.
The stock has taking a halt near the resistance zone and gave a break out after a selling off from the level.
3 points confirmation.
1. Break out of the cup and handle pattern.
2. Closed above both the moving averages.
3. High trading volume on the break out.
The stock has finally given a break out and can remain in bullish move tomorrow.
Let stock price to retest the support and cross 350 price level and enter only after it sustains above the level.
Targets :- 353.5, 359
Stop loss :- 337
Trade can be traded if there is a price action near the support level.
Intraday and swing trades can be initiated in the stock.
Investors can also create positions in the stock with a long term view.
BPCL LTD Technical studies For Swing TradersBPCL 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 market.
If this level is broken then good bearish speed can come.
Targets : 356 - 331 and more
Invalidation : breakout of T1
Thank you!
Money_Dictators
Disclaimer: This is NOT investment advice. Invest your capital at your own risk.
BPCL AnalysisBPCL ANALYSIS
Time Frame Analysis:
--------------------
Monthly: Downtrend
Weekly: Downtrend
Daily: Downtrend
Pattern:
--------
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 catch here.