Sharp fall has been seen in BPCL since last 1 Month.
The trendline has been taken out indicating that the correction has been over.
According to our Half Bat BPCL will reverse from 400-445. And the Green Trendline is the major support for BPCL.
Buy- Between 440-445
SL - 430
Target - 465 480 500++
BPCL (NSE Cash)
Market cap is above 241.297b
Volumes are above 666.887k
Average volume is 2.28
Float is 77.522M
LTP: 423.05
Support: 413.55
Resistance: 434.60 / 441.85
Daily charts (long term)
A bullish engulfing candle was made on 22nd April followed by a confirmation green candle on the 23rd.
There is a reversal seen in the DEMA as well. 5 DEMA has crossed 100...
We can see a Bullish Engulfing candle on the daily charts which is a strong buy signal.
Whoever wants to go long can go long at current levels.
LTP is 419.65
The stock has taken support at 200 MA and we may see higher levels until 200 MA is intact on the downside.
To motivate me, Please like the idea If you agree with the analysis.
Happy Trading!
InvestPro India Team
Note: This is for educational purpose only.
There seems to be an inverted bullish hammer at support of ascending triangle. RSI seems to bouncing from support line.
BPCL is now within its strong supply zone!
It tried to break out a few days back but quickly retraced.
Now if it is able to cross the psychological level of 400+ with volumes then the target is 464.
Cheers!!
