An inverted head and shoulders patter was identified on the 15 min chart of BPCL after the closing on Friday. The shoulders (Rs.354) )may act as a major resistance level for the same, and surpassing it may give us levels upto 360. On the contrary, the neckline (Rs. 349) may act as a major support level. If the price falls below this level we can witness a downward...
If ASHOKLEY is bullish then following are the possible levels
Now it is being tested at level .316 Fib. Wait for the price to cross both the downtrend lines.
So the safest entry (if bullish) is when price exceeds 46.5
First Target 51.5
If it crosses 51.5 then
Second Target 54.20 which is 0.382 Fib
Third target 60.5 which is 0.5 Fib
Fourth target 67 which is 0.618 Fib