BPCL is a good candidate for a short term move. There were lots of tails visible inside the range, which is a sign of demand and the demand finally overtook the supply on Thursday, when price rose 6%. Price also broke out of the range and a trendline as well. There was price contraction as well inside the range, in the form of NR7 candles. Cluster of NR7, or narrow range candles, suggest that price is currently going through a cycle of price contraction and it will be followed by a price expansion in the form of volatility. That is exactly what was visible on Thursday, when price expanded.
I am not a SEBI registered investment advisor and hence do not follow my analysis blindly.
Be aware of what you are trading and the risk associated with it.
Stock market is risky and you can lose a lot of your capital.
Be wise and trade carefully!
Grateful!🙏
I am not a SEBI registered investment advisor and hence do not follow my analysis blindly.
Be aware of what you are trading and the risk associated with it.
Stock market is risky and you can lose a lot of your capital.
Be wise and trade carefully!
Grateful!🙏
