BPCL: Price Testing Channel Support – Long Setup in Play
Hello fellow traders! Hope you’re all doing well.
Bharat Petroleum Corp Ltd (NSE: BPCL) is currently offering an interesting price action setup on the 2-hour chart.
The stock has been trading within a well-defined ascending channel, respecting both upper resistance and lower support over the past several weeks.
Recent Price Action Highlights:
1. After facing resistance near ₹333, BPCL has pulled back to the lower boundary of the channel.
2. Price is now consolidating just above the channel support and a prior horizontal support zone.
3. A long position seems to be in play, as visible from the Risk:Reward box on the chart.
Setup Details:
Entry Zone: Around ₹312 (current price)
Stop-loss: Below ₹307 (Closing Basis)
Target: ₹333+ (near channel resistance)
Disclaimer:
This is a personal analysis and not financial advice. Please do your own research and trade responsibly. Risk management is key.
Thanks for reading!
Looking forward to your thoughts and feedback.
Best regards,
Anantesh
Bharat Petroleum Corp Ltd (NSE: BPCL) is currently offering an interesting price action setup on the 2-hour chart.
The stock has been trading within a well-defined ascending channel, respecting both upper resistance and lower support over the past several weeks.
Recent Price Action Highlights:
1. After facing resistance near ₹333, BPCL has pulled back to the lower boundary of the channel.
2. Price is now consolidating just above the channel support and a prior horizontal support zone.
3. A long position seems to be in play, as visible from the Risk:Reward box on the chart.
Setup Details:
Entry Zone: Around ₹312 (current price)
Stop-loss: Below ₹307 (Closing Basis)
Target: ₹333+ (near channel resistance)
Disclaimer:
This is a personal analysis and not financial advice. Please do your own research and trade responsibly. Risk management is key.
Thanks for reading!
Looking forward to your thoughts and feedback.
Best regards,
Anantesh
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.