BPCL has been experiencing a falling wedge since a long time it gave a breakout some time back but failed to sustain causing a false breakout
it has formed the same falling wedge near support levels
it has started to feel some buyers coming in visible in shorter time frame
long term view:
BPCL is gonna be privatized by the year end seeming to be a good news...
tata motors is at an important level currently according to daily chats
flag pole pattern suggests it is gonna be bullish
also the recent news about Indian gas ministry approaching opec about price hikes etc.
such news could provide a push for a good up move
demand of Tata nexon due to high fuel prices too could provide a greater edge
FIRST 3 CIRCLES SHOW THE MAJOR RESISTANCE LEVEL
AFTER THE BREAKOUT AND RETRACEMENT IT CONVERTED INTO A MAJOR SUPPORT LEVEL
FALLING WEDGE AFTER AN UPTREND
DOJI AT NEAR SUPPORT LEVELS INDICATE A GOOD UPTREND BREWING UP