Description
⋅ BPCL Gann Octave Analysis
- Gann Octave captures majority of tops, bottoms and consolidation levels so far
- CMP 400 (a square number) is also 50% retracement level from all time high, hence an important trade level
- Supports: 363 / 326 / 301
- Resistances: 437 / 474 / 499
- Gann dates in JAN: 01 / 11 / 14 / 19
Comment
⋅ BPCL Trade Setup
Positional: Close above 404 Target 424
Intraday:
Buy above 404 | Targets 408, 412 and 416 SL 400
Sell below 398 | Targets 394, 390 and 385 SL 402
Not a recommendation. Trade at your own risk.
Trade closed: target reached
⋅ Both positional and intra day targets achieved.
Comment
⋅ Important levels to watch:
430 (Trend line Resistance)
437 (Gann Octave Level)
Comment
⋅ At multi year trend line resistance.
Comment
⋅ Back to 400 zone.
Comment
⋅ Bounced again from 400 on 18th Jan | Heading towards trend line resistance again.
Comment
⋅ Narrowing triangle.
Comment
⋅ Broken out above triangle resistance | Currently trading near breakout level | Sustaining above 437 would confirm further up move