Possible Flat Formation- Down, next.

BPCL has broken out of the daily downtrend. It made a solid move up and as always it will consolidate before the next major move. Looking at the 60 min, I see that its possibly in a flat formation which means the buy comes from lower levels closer to A. Buying here at this level doesn't have a great risk/ reward. Waiting for the flat pattern to finish and then buy is what I am looking for. One might possibly sell - if their strategy allows, but needs to be done with extreme caution in case this pattern turns out to be a running flat.