After the recent news flow there was a sell off in this counter. However, that was a sector wise sell off. The open interest data suggest that majority in the market are positive on this counter and here is the snapshot - www.screencast.com Expecting the reversal to hold and go back to the previous highs. Immediate target 700 and stop at 600
Head and Shoulder formation on BPCL on 30mins timeframe. Trade : Short below = 629 Target 1 = 621 Target 2 = 616 Stop Loss = 638 Reward Points = 13 Risk Points = 9
Enter after 638 for Target 678 SL 630 for day trading only Cheers
Potential Bullish Shark pattern spotted in BPCL charts. PA facing resistance and may likely retrace back to the potential reversal zones completing the pattern. From thereon bullish moves are likely to be made on account of bullish PA from higher time frames and previous PA patterns.
for educational purpose only - bpcl after breakdown of head n shoulder pattern it reached it's target but here hammer doji with good volume (means smart buying of fear sell) buy above 636 with sl of 622. for tgt of 657 - 660.
BPCL has completed Cycle wave 3 earlier this year. W5 of this cycle W3 was substantially extended. Consequently the correction in the form of W4 would also be substantial. As shown below in the 15 min chart, first set of ABC correction is already complete. The stock should now consolidate for next few days with upward bias. Consequently, the strategy here...
Descending Triangle on BPCL. Trade: Short below = 701 Target = 694.50 Stop loss = 707.50
NSE:BPCL BPCL long positional Entry @ 636.70 Stop Loss @ 625 Target 1 645 Target 2 659
BPCL is at a pretty good support level and also forming a bullish candle. The correction has been slow and we can expect the prices rally to the upper end, around 628.
Stoploss Trendline Target 450
Technical Analysis: RSI above 50. MACD on bullish crossover and Histogram on above '0' line. Stochastic on bullish but in overbought level, so may be take some time to make correction. Price lying above the EMA 50 and EMA 5/20 bullish crossover. Trade: Buy above - 631 Target 1 - 637 Target 2 - 642 Stop Loss - 625 Reward Points - ...
Trade Buy abv - 615 Target - 621 SL - 610 Reward Points - 6 Risk Points - 6
It is been observed on daily chart that the price action breaks breaking below the crucial support levels indicating further fall down. The price action signals that sellers are in dominance of the prices levels and now they may take to the next support levels around 603-600 levels. Target: 603 Stoploss: 645