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BPCL Analysis (Bharat Petroleum Corporation Limited)

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BPCL Analysis: Weekly Chart on 24-July-2015:

  • The prices are hovering near the weekly price upper channel, which is near 1000 currently.
  • The candle formed last week is showing sign of momentum loss, as the prices have not closed near the highs. But this is not yet confrimed.
  • Based on the weekly chart, there is not enough evidence to take short position.
  • Let’s look at the weekly chart.

BPCL Weekly

 

 

BPCL Daily Chart on 24-July-2015:

  • RSI and Volume is showing negative divergence on daily chart.
  • The negative divergence is not present on MACD.
  • The last candle made a lower high and lower low. It has happened after 9 days of continuous higher high and higher low on daily candle chart. Hence this is significant.
  • Now, we should look for confirmation on intraday chart on Monday. Some of the signs that a keen trader may want to track are fall in price with high volume.
  • Or, lower lows in intraday trading activity.
  • Another thing to note here is the fact that even if we are right and the prices drift lower on Monday, we still do not have confirmation of trend reversal.
  • At best we only see a possibility of some correction happening from early next week.

BPCL Daily
Disclaimer:
This site is only for education purpose. Trading involves extremely high risk. Please do your own research or consult your advisor before making any trades. We don’t recommend any trades.

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