BPCL: FLAG formation on daily chart, trend is holding to trendline too, a further drop can be seen till 445 which will complete the flag formation, then we can see the awakening of bulls, the target is ATH and this is also supported by the main channel.
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👑 Terms used if you don't know :
✣ Contraction pattern: A pattern starting with a broadening high candlestick and low candlestick and converging to a fixed point, these highs and lows...
One of the last left PSU's which might get disinvested in FY22 after Concor was pushed forward.
Multiple supports at CMP.. 1) LT Trendline support 2) Fibo Support 3) 20WEMA Support
Often stocks take support at spaces where there are multiple supports..
SO watch for a potential bounce here.
There is also a high dividend whose date still has to be...
NSE:BPCL seems to be coming towards it's 430 support. It's going down respecting the trend line. If it breaks trend line and tries to go up then entry can be taken.
Bullish moment expected. Wait for reversal.
Information available on chart
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NSE:BPCL
if one could find reversal around these level then go long. keep as as per risk appetite.
******whatever charts or levels sharing here are just for educational purpose only not a recommendation. please do your own analysis before taking any trade on them. we are not SEBI registered.
Could find clearly the Fib retracement show that above 450 it will be a good bullish mode up to 470 easy target.
Disclaimer: It is only my analysis and thought. Not a trade idea.
There is a Triangle Breakout and subsequent retracement to the Triangle on the Weekly charts which is a very good buying opportunity. Forget about Crude Oil just Buy BPCL for targets 465/470 within 10 days
440-444 is a good support for bpcl and upside expected from these levels.
So focus on this lavel. It's gives a good return in short term.
Also available at good price valuation.
