wave 2 has a retracement of 78.6%. the 3 wave is not extensive but normal which has a retracement level of 161.8%. the retracement of wave 4 is 38.2% still the price spends more time on wave 4. if you want to grab the profit, you need to ride on the wave 5 which has a retracement level of 61.8%. there are high chances of wave 5 to be extended. target 525
BPCL CMP is 402, which is a sweet spot to accumulate and go long
BPCL - 4 hours Chart POSITIONAL LONG BULLISH HARMONIC PATTERN
looking only for buying opportunity at support always trade with stop-loss manage your risk first profits comes later
*Educational purpose overall market is in bullish mode so , better avoid bearish trade in bpcl if it faces resistance
Note: This is for educational purpose only. There is a bullish breakout after build up near resistance. However, as RSI is above 70, there might be some consolidation for few days or a pullback for a further rally.
One more buying opportunity in BPCL stock once again. so in next trading session once the trend line broken try to take the long entry with +ve candle above the level of 376 for the target price of 395. if stock able to cross the resist. area of 392 than we can see the 400 levels in the stock very soon. So add the stock in your watch list to see the price action...
Note: This is for educational purpose only. BPCL is seeing rise in buying volume.RSI above 50. Moreover, ascending triangle indicates bulls are taking control.
BPCL wave 3 is all ready to break wave'1 high, aslo breakout of triangle can be seen. Seems you'll get to see 415-420 in this week itself.
BPCL stock is moving on uptrend & trading above the 50 EMA level. Now this can be taken long above the level of 373 for the target shown in chart. On day to day basis the stock is trading with high volume. Also on weekly time frame the stock is trying for the break out level. So add the stock in your watch list. Always do trading as per your Reward to Risk ratio...
LONG NSE:BPCL above 375 SL BELOW 365 TARGET 385/400
Target of 395, roughly 25% Do your own analysis before taking any decision Comment if you have any doubt or any suggestion for improvement in the idea
BPCL 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
BPCL has already broken its long term trendline for a long move. A breakout from the other trendline will confirm the uptrend for a target of 473 with a stop loss of 461(Risk to reward of 1.5).