One can look for Price Rejections after an brief rally , and wait for short sell set up for next move down , it can also crack from its current level , but all in all it has down ward momentum in Progression ,
Wait for the set up
BPCL showing good pattern after taking support of 415. It may hit the target of 470 and 500 in short term of 4 to 5 months. It is for educational purpose only.
BPCL VCP Breakout Opportunity (except for one day big volume). Making Higher Lows. Due to Dividends, the chart looks bit broken, but otherwise, it looks bullish
Stock is at bottom of support trend-line, clearly shown taking support from it... On daily TF it is breaking cup pattern...
Privatisation news is already in market, hence good time to make position in BPCL.
It is a trend analysis based trade and chart pattern trade . BPCL is forming a Rising Wedge Pattern in a 1day time frame . please trade on your own risk.
Chart has created higher lows formation with flat level of resistance which has multiple touches. Also price has taken support on 50 SMA and created a narrow range.
There is high probablity of bullish breakout on chart.
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I am publishing technical analysis on tradingview for educational purpose. You can visit on my profile on tradingview app to learn and...
Bharat Petroleum Corp. Ltd. is a holding company, which engages in the business of refining of crude oil and marketing of petroleum products. It operates through the Downstream Petroleum and Exploration and Production (E&P) segment. The Downstream Petroleum segment includes the refining and marketing of petroleum products. The E&P segment focuses on hydrocarbons. The company was founded on November 3, 1952 and is headquartered in Mumbai, India.
NSE
