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TradeCentral_IN
Feb 28, 2024 4:10 PM

BPCL about to break down from H&S? Short

BHARAT PETROL CORPNSE

Description

NSE:BPCL hourly chart is showing a nice head and shoulder (H&S) pattern. If the neckline is drawn connecting the close values of "neck" then the pattern has already broken down.

If this materializes then the technical target of the breakdown would be around 530/535, but there is a good support zone around 585 which might hold.

The view invalidates on daily close above neckline.
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