The following factors are -ve.
Price is too far from 20 M.A.
Tail found at the area of over-reaction.
Wave(5) is so close.
The price is out of trade channel area.
Professional and smart money investors whatever you called them such as Speculators, Arbitrageurs, Fund managers, insiders, etc. are already entered near the wave (4). Focus on their profit...
BPCL has been moving sideways to down since last few months. The levels of 480 - 485 will be acting as resistance. We can notice a gap as well. The RSI is trapped into sideways range. The 480 - 485 levels needs to be broken off to re establish trend up, failing which the stock may still correct further,
BPCL is currently tranding in the Channel. If we ignore the volatility in the Nov 2019.
In Sep 2019, Seller started showing interest and created a crucial support zone for BPCL
So, today i am expecting valid breakout. BPCL may retest 465 level serval time before hiting first target.Lets see.