on daily chart stock has formed evening star (Bearish pattern). RSI is moving towards south direction indicating bearish momentum. Expect stock to move towards 375-370 levels.
The red indicator which you are seeing in the chart is made of diving crude oil price by BPCL price.
Now when we speak of Crude oil in India, It is always about USOIL*USDINR.
USOIL*USDINR= OIL Price/USD * USD/INR = Oil Price/INR.
This is a leading indicator as the indicator is made of price only.
You can see what is the correlation with the indicator clearly...
This is for Study and Educational Purpose and for my individual learning.
BPCL was in down trend.
The trend has now chaged
Its been moving up for quite sometime and broken the downward trendlines.
Dear All technical analyst
I am presenting my fourth anaylysis with RR 1:4. Feel free to share your views. Your feedback is important for me to improve my analysis in future...
Since no one is perfect so there is always scope for improvement. Pls like, comment and discuss if you feel any improvement needed in my analysis
Regards
Shyam Kumar
9304057478
BPCL - Daily Analysis
Bearish Butterfly + Supply zone CMP 390
Shorting Level 404-425 SL 435 ( positional Call)
Can hedge selling 380 PE if don't want to use SL
Targets - 383-370-360-345+
Small Players l can buy 400 PE CMP 17 Buy near to 9-11 rs range keep SL 5 Target 15-18-20-24-30-35+
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NSE:BPCL
![BPCL: [Positional] BPCL Short Trade - CrudeOil Correlation](https://s3.tradingview.com/4/4fIDxluF_mid.png "[Positional] BPCL Short Trade - CrudeOil Correlation")
