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BPCL- Bullish HARMONIC Buy Signal!Attached: BPCL Weekly Chart as of 17th March 2023 Going by Harmonics: A Bullish Anti Bat Pattern has got activated with this Week's Bullish Power Candle Close above 350. This is a BUY signal!🚀 Going by Dow Theory: We see that Price has also put in its First Higher Low of 314 since the Lows of 288 back in October 2022. This is a Sign of a Trend Reversal Structure. The Prior Trend was DOWN on the Weekly TF. Now it appears the Trend is turning on the UPSIDE. Coming back to the Harmonic Pattern, our Plan of Action for a Positional Trade is: Buy Entry triggered at Current Market Price of 351✅ Stop Loss can be placed below 52 week low which is ~ < 288⚠️ Upside Targets🎯 as follows: T1= 380 to 400 T2= 480 to 500 T3= extension beyond 500 level, towards Prior ATH / New ATH (Also do check out my related idea on BPCL which looks at the Daily TF) ........... If I were to talk about some Fundamentals, then BPCL also has a 4.5% Dividend Yield which is quite Attractive in a Rising Interest Rate Environment that the Global Economy currently is in And so it is also a Buy if you consider the Dividend along with a Capital Appreciation potential📈
NSE:BPCLLong
by T_Harth
Yearly outlook - Long IOC Resistance @ 99, 114 Support at 60 Revise targets in April, May and August 2023-25 Pros: 1)Reduction in GRM to increase the demand. 2)Green Initialtives to be housed in existing IOC franchises. 3)Stock is trading at 0.86 times its book value 4)Stock is providing a good dividend yield of 10.7%. 5)Company is expected to give good quarter 6)S/D Gap in EV value-chain Cons: 1)Allocation of 30T Cr of funds to state-run OMC's to the requested 50T Cr. 2)Net Profit reduction of 87% QoQ 3)The company has delivered a poor sales growth of 10.6% over past five years. 4)Company might be capitalizing the interest cost References: Could supply-chain issues derail the energy transition? - Mckinsley Insights, Dec 5 2022
NSE:IOCLong
by EfficientInvesting
1
HPCL and WTI CRUDE correlation?[/Hi, Today i would like to present the Point and figure method analysis of correlation between WTI Crude price and stock price of Oil Marketing Companies like HPCL.(HINDPETRO:NSE) The WTI crude corrected 2.38% yesterday. Let us see how the HPCL chart is postioned.The Crude price is a significant influence on balance of payments for India as the Crude is the highetst import biller. And if WTI corrects and sustains below $ 60, that will be a great sign for Indaian economy and stock markets. The HPCL charts analysis is based on YTD data. And charts used for analysis are logarithmic scaled 1% X 3 Daily High Low chart and Daily High-Low 2% X 3 chart. The WTI Crude Oil chart is constructed with YTD data but the chart is Daily High-Low 2% X 2 chart. The HPCL last traded at 283.90(NSE) and WTI is trading at $ 67.04. Let us have a look at the WTI Crude chart. b] i63.tinypic.com The WTI is in an Uptrend and the Bullish support line is breached once. But the trend lines on 2 box reversal chart are different than application of the trend lines on 3Box reversal chart. As of now the WTI is in sideways mode. The SELL signal level is 66.44 ( marked with Arrow ‘A’ on the chart)on the downside and 72.03 on the upside. The WTI Crude trend may change to down if it breaks the low of 62.53 marked as on the chart. The WTI breached and genrerated SELL signal yesterday(yesterday's low is $66.32). Please note the Critical Price Point @ 60.05 is marked as on the chart and note down the monthly marking on the chart during the first quarter of the 2018. Please try to correlate the timing and CPP on HPCL charts with WTI chart. Looks like if WTI sustains above the CPP that will be a problem for the OMC like HPCL due to subsidy burden. Let us have a look at the HPCL Daily 1% X 3 High-Low chart. i64.tinypic.com [/IMG The chart is showing the price action history for the past two months. The quadruple bottom break down at 301.25 is marked as , the bearish resistance line is marked as , the trend changing point at 289.45 is marked as . The formation (Triple top break out followed by a double top break out) is called Bullish Catapult, which is a reversal signal. The Alert level 272 on the chart is marked as . The Bullish support line is marked with Arrow . The stock tested the yesterday marked with on the chart. Let us see how it will react to the WTI fall today. We can correlate the sideways action on WTI after making a high of $75 and the action here in HPCL stock. Let us have a look at the Daily 2% X 3 High-Low chart. i64.tinypic.com The bearish resistance line is marked as , the Ascending Triple top break out shaded in yellow is marked with and the Trend changing point @ 298 is marked as . Please try to correlate the Critical Price Point on this chart and the WTI chart. Now the HPCL charts are showing signs of Bias change, can we say WTI will fall from this levels and the bias changes from Up to Down?! Keep watching the Alert levels marked on both the charts. Good day
NSE:HINDPETRO
by thepnfchartist