The price of BPCL has been in a nice narrowing consolidation over several months now. I am expecting a breakout or a retest of the 415-420 levels with the upcoming earnings catalyst in the first week of Feb which would make this a good time to enter a long position for a medium to long duration as auto sales in the last quarter have been impressive. Entry could be anywhere below 390 with a stop loss around 370-360 as per your risk management.
Comment:
Made an intraday high of 415 as predicted. The next level to watch now would be 420-430.
Trade closed: target reached:
Made a high of 494. Sorry for not updating earlier. Will be more active going forward!