BPCL trade ideas
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 .
#BPCL Weekly chartBPCL weekly chart forming a tight triangle contraction and is on the verge of a breakout
A weekly close above 430 will confirm the breakout
StopLoss can be maintained at 375 (weekly closing basis)
Target 1 --> 550
Target 2 --> 650
Time Horizon 10 - 15 months
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 - Intraday Trade SetupBPCL CMP - 413.45
Looking bearish in higher time frame. One can go for Intraday Trade setup with the following entry, exit & targets
Sell at or Below 410 ONLY / Stop Loss 416
Target 1 - 407
Target 2 - 405
Target 3 - 400
Disclaimer: This is my view and for educational purpose only.
#BPCLNSE:BPCL looks explosive from here. The stock has already broke out and tomorrow's close will confirm whether breakout has sustained or not. Monthly is sideways and Weekly has price in triangle pattern.
BPCL Long for Positional 500/580. Good consolidation and breakout of triangle.
SL minimum target is big
Prefer Feb Future along with a PE as hedge.
For cash Positional 2-3 months holding for 27-36%ROI
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.
Bpcl { Short 15 }As per charts
Note :-
Entry - At the break of mentioned candle's low/high
Stop Loss -
In a Short Trade, I always use Previous Candle High ( PCH ) as a stop loss while entering the trade. Sometime I might use 15 M tf SL & trade in 30M tf which I'll mention. Vice Versa for long trades
Trailing Stop Loss ( TSL ) - Mostly I trail stop loss by PCH as price falls . I exit as PCH breaks & vice versa
Use of PSAR as TSL :- TSL get's hit in trend following due to noise, In such cases I use PSAR to be in trend & exit if PSAR direction change
You can use any one of above mentioned or your own way to manage risk
Time Frame :- I take ~ 90% of my intraday trades in 15m tf. Where my analysis might come from higher frames like W , D or 1hr chart pattern which will be mentioned.
Target :- I do set target line based on support / resistance slightly above/ below it . Please pay attention to it
