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
We have potential Bearish Gartley on BPCL.
Expected reversal area around 650 - 656.
The pattern gets failed if D leg fails to cross 649 (upside).
Kindly wait for the reversal sign before initiating the trade.
Dear Traders
Triangle formation of BPCL in 15mins chart and it may break either side.
Hurdle for long - EMA 50 lying above the price and it will act as a Resistance.
Other indicators like MACD, Stochastic and RSI looking bullish.
No trade until the price break the triangle.
It is been observed that the price action breaks out from a descending triangle on hourly chart, indicated further bullishness ahead. It is also important to note that the price action has broken and closed above the previous resistance levels of 684 which further confirms a further positive and strong move ahead irrespective of markets volatility.
Target:...
The price action has finally breaks out from a long preceding Ascending Triangle on daily chart, that indicated weakness and a bearish reversal.
Target: 545
Stoploss: 600
In BPCL we got good chance to go long in the marked zone 575-580's. I hope the recent bullrun will continue and may gap up 2mrw bcos of the GST bill. If it comes in zone I will be taking some long positions.
Hit Thumbs Up...which keeps me motivated to post more solid quality ideas...Thanks for your support !
Happy Trading !!
