Head & shoulder in BPCL. BPCL has formed a head and shoulder pattern on a daily time frame.
The stock had closed just near the neck line and if the level is crossed a nice target of 315 can be achieved in intraday trade.
The stock is trading below 20 and 200 DMA and on the hourly time frame, there is a bearish moving averages cross over.
Confirmation for the trade:-
1. Head & shoulder
2. Bearish cross over (hourly time frame)
3. Closed below 20 and 200 ema (daily time frame
Only enter the trade if a 60 minute candle closes below 320-320.5 price level.
Targets :- 315, 307
Stop loss :- 325
Wait for a clear enter in the trade and for a price action near the levels. A intraday and even a swing trade can be initiated in this stock.
