This stock is travelling within the Wedge, now its time to reach higher end of the Wedge, once it breaks out of wedge then open blue sky
A clear triangle pattern formed in weekly chart possible a uptrend
A breakout and close above 375 could lead to continuation of trend. The target is considered to be equal to the length of the pole. So it should be able to reach 400.
As per pattern the chart of BPCL is ready to fly high🚀🚀, once it will cross 375 then the 1st target will be 450 or there is psychological resistance also and 2nd target will be 470-480 and there is a major resistance at 480. However SL will be 320-330 around, As it is my personal view/analysis not a buy recommendation.
What is chart action suggesting us to expect on time - seems like a impulse wave waiting to unfold with time. There is a what and if associated with every condition on chart action! Times to unfold! #BPCL
Observations:: --------->> The stock is trending upwards in daily time frame. --------->> Previous resistance is broken @360 strongly. If this acts as support buy ness is observed. -------->> we have a demand zone @340-335 levels. where previously strong buy ness is observed. --------->> if this zones acts as a support, a strong rise towards upside is...
Buy above high of breakout candle at 373.05 Stoploss at 365.35
There is break out on daily chart. Break out of w pattern on daily chart.
It seems a head & shoulder formation is happening in BPCL counter. Currently right shoulder is under formation & volumes have squeezed out. Confirmation only when it gives a breakout above neck-line with huge volumes with positive RS.
In the Weekly Chart of BPCL , we can see that, after the breakout failure, we saw a strong back in W Pattern. now it has retested hand formed a Hammer candle on Breakout Trendline.
BPCL showing a break out after major consolidation in weekly chart. The price action can be up to 410.
BPCL making a bullish pattern called head and shoulder and after its breakout we see targets of 60-70 points which is length of head targets are marked as fib levels for cautions not only BPCL but across oil sector looking bullish for few weeks
Strong volumes were seen in last two trading sessions near resistance with a doji formed in the last trading session on Friday. If resistance is broken then price can hit Rs. 399/-
1.Consolidating in a same range(290-355)for over 300 days 2.MT and ST Outlook: Long Buildup 3.ADX=28.87 4.Above 20,50,100,200 Ema's 5.RSI=70 Support=290 Resistance=350-355 Target=385,400
Please look into the chart for a detailed understanding. Consider these for short-term & swing trades with 2% profit. For BTST trades consider booking target for 1% - 2% For long-term trades look out for resistance drawn above closing. Please consider these ideas for educational purpose
NSE:BPCL One Can Enter Now ! Or Wait for Retest of the Trendline (BO). Note : 1.One Can Go long with a Strict SL below the Trendline or Swing Low of Daily Candle. 2. Close, should be good and Clean. 3. R:R ratio should be 1 :2 minimum 4. Plan as per your RISK appetite Disclaimer : You are responsible for your Profits and loss, Shared for Educational purpose!