Well as per theory its due for reversal , I will not be surprised if it comes out bit form the channel and then turn
so one can wait for reversal to take place for Long trade set up
Target for Wave 3 is reachable , wave 4 & 5 are hypothetical until the completion of wave 3
Look for buy set up ,
Rising Wedge pattern observed in BPCL. Pattern looks to have confirmed suggesting a bearish outlook. Target depth of wedge is around 128 points. With confirmation of pattern occurring at 364, Target of the pattern comes in at 236.
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At a key level, so far managed to bounce on friday. If it doesn't go back above the 200EMA quickly it could breakdown. Monday will be critical for this stock too.
Keep on watch list. might give a trade either way.
If it breaks 365 go short.
Bharat Petroleum Corporation Limited is engaged in offering motor spirit (MS), high speed diesel (HSD) and liquefied petroleum gas (LPG). The Company is engaged in the business of refining of crude oil and marketing of petroleum products. It operates through two segments: Downstream petroleum, and Exploration and Production of Hydrocarbons (E&P). The Downstream petroleum segment includes refining and marketing of petroleum products. It is engaged in the production of liquid and gaseous fuels, illuminating oils, lubricating oils or greases or other products from crude petroleum or bituminous minerals. The Company also manufactures other petroleum products, including petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. It has refineries at Mumbai and Kochi, LPG bottling plants and lube blending plants. Its marketing infrastructure includes network of installations, depots, retail outlets, aviation service stations and LPG distributors.
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BPCL
