J-OIL
Cup and Handle Pattern: It is a continuation pattern. BULLISH !!While all the fundementals news of the oil industry are been Bullish for the OIL PRICE,
we are having that Bullish continuation pattern,
the Cup and Handle Pattern,
Let's wait for the opening market price to confirm the theory,
wish you all the luck and most profits,
LONG POSITION IN OILOIL INDIA LTD IS A FUNDAMENTALLY STRONG COMPANY WHICH HAS THE VALUATION OF 153 FOR THE YEAR
TECHNICAL REASONS TO BUY OIL -
1 - OIL ACHIEVED ITS TARGET ON SHORT SIDE WHICH IS 77
2 - ON NEXT WEEK WE CAN SEE EXTRAORDINARY HUGE VOLUME + DOJI WHICH WE CAN SAY BUYING VOLUME
3 - RSI OVERBOUGHT
4 - PRICE AT BOTTOM OF THE DOWNTREND CHANNEL
BUY FOR THE OIL FOR THE TARGET OF 147-153 WHICH IS ONLY 38% OF DOWN SWING AND THE CHANGE IN POLARITY RESISTANCE WITH THE SL OF 63 WHICH GIVES MORE THAN 1:3 RATIO
Long in Crude (Short Term) till $27.50 to $28Ascending triangle pattern is seen. The pattern is broken at top and we can expect the price to travel till $27.50 ranges.
This could be a temporary push; after testing the $27.50 ranges, price can fall further - either till previous low or even below. Lets wait and see.
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