BPCL - Enter after the breakout Good for Positional Traders. Enter after the breakout or buy and hold.
BPCL
BPCL INTRADAY FEB 24 2021 LONG FOR INTRADAYDear trader,
If u look at the chart of BPCL (analysis based intraday only) the NIFTY support at 430 and and resistance at 445
The chart clearly indicates BPCL has come out of a triangle giving breakout on weekly chart ,you can also see the candle stick patters for more in depth analysis.
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BPCL is looking very strongTriangle breakout
Harmonics in place
RSI gaining strength
Give that RSI level breakout and we are looking for 480 and 525 Sl is 395
BPCL - Bharat PetroleumBPCL's price action has been in the range of 360 to 410 for the past 4 months and it has made the level of 400 as strong support. The stock is expected to show an up move to the levels of 470+ in coming weeks subject to the fact that it breaks the supply zone of 428-434 which has been acting a strong resistance for the stock.
Buy - CMP or ~411 (if it experiences any correction which is a least likely event)
T1 (Immediate) - 430+
T2 - 470+
SL - 411
Triggers -
Improved earnings reported in Q3 on YoY and QoQ basis.
Increased sales of automobile sector will lead to more and more demand for fuel.
Transportation services are expected to be normalised soon post COVID thereby increasing the sales.
NOTE : These findings and levels are purely based upon the knowledge and understanding of the post publisher. The idea here is to predict the future price movements hence, please do not consider this as stock advice or recommendation.
BPCL - Symmetrical triangle, narrow range - Weekly chartThis analysis is done purely on basis of price action and chart patterns.
The analysis is done on weekly TF hence it can take couple of days to couple of weeks/months to reach the target.
As one can see that the price has been forming a symmetrical triangle pattern for quite some time. And now the price has been consolidating in a narrow range. looking at the increased volume as well as the chart of NIFTY ENERGY (linked below), chances of breakout and upmove are higher than a breakdown and fall.
NIFTY ENERGY WEEKLY CHART -
Entry can be made above the high of last candle. Targets can be previous swing highs and SL can be below the low of this last green candle.
If price gives a breakdown, then wait for confirmation, because it may be a false breakdown to make the weaker hands exit from stock before it starts its upward rally.
Pls note that this analysis is for study purpose.
Traders must do their own study before entering into any trade. Traders should trade with their own risk capacity and money management.
Feel Free to comment for any query or suggestion regarding this stock or Price Action Analysis/Chart Study
One more chart of HINDPETRO for study purpose for beginners is linked here. It is from same sector. Check out and find out opportunities.
BPCL - Earnings Day AnalysisTrading in a Symmetrical Triangle , Rejected by the overhead trendline .
Currently on a minor zone. It has also formed a channel in the major Triangle structure .
Looking to BUY if the triangle is broken & retested .Looking to SELL if the below minor zone is broken and retested .
Watchout for BPCLWatchout for BPCL breakout on either side. The breakout will be huge.
I'm not SEBI registered analyst. Please do your own research before taking any position. Thank you.
BPCL - ASCENDING+SYMMETRICAL TRIANGLE -Short Term swing/IntradayThis analysis is purely based on price action and Chart Patterns.
The analysis is on 30min TF hence target can be achieved in intraday trade or in couple of days.
Trade logic with SL and Target is explained in image itself.
Daily TF chart of BPCL is attached below. check the triangle formation on bigger TF as well.
Don't chase the price. Always plan your trade & trade your plan
Keep trailing SL accordingly once entered into the trade.
This analysis is purely for education purpose. Kindly do your own study before entering into any trade .
Also check out my other ideas to understand how price action works and how it can be used to make regular profits without any complex strategies.
Feel Free to comment for any queries regarding the above stock or price action analysis in general.
BPCLI'm not an expert I'm just sharing my views on BPCL for next trading day
I'm not responsible for any profit or loss this is not a recommendation.
BPCL - Begining of wave 3?I prefer following a 3-hour time frame to understand the larger trend of the stock.
BPCL has completed its wave 2 and its preparing for wave 3 already. Price conformation over 410.
Long term trendline breakout at 410 and its currently respecting its fibbo levels.
Price targets are around 521-540 next move :) The trendline needs to be respected for this view to be valid, any close below the current trendline will negate the view.
buy bpcl above 407.40 tgt 415 sl 1% stock valuetoday i think is day for bpcl just like yesterday was hpcl . one can buy intraday ( i am a intraday trader) looks good with risk to reward.
