BPCL is on the verge of a breakout

BPCL is on the verge of a breakout

  • The stock has made a higher bottom higher top formation on the daily chart and currently trading near the previous top.
  • The stock has witnessed a high-volume bearish breakout on 5th oct 2018 but managed to fill the break down gap within a short span of time and experienced a strong rally from the low of 240 level. 
  • The stock has managed to consolidate despite high volume doji which appeared near resistance on 28th may 2019.

  • The immediate support is seen around 348 level and the next resistance zone for the stock will be around 430 level.
  • The stock price actions have indicated a positive bias with a rising trend which can take the stock to the new highs in the coming days. 

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Article Info

Published Date: May 30, 2019
Author: Valarmurugan

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