Technical Pick- BPCL
•BPCL is finding support at 512 and resistance above 519.
•On Daily chart,Break and sustain below 512 will see nonstop rally till 505---495++ in weeks to come.
•MACD too has given the negative crossover (Sell signal) which indicates that down side seems certain in it.
•Daily 14 period RSI has also fallen from higher levels to around 45 This could mean Continuation of downside momentum in the stock price ahead possibly a breakdown this time.
• Traders don’t go for aggressive or positional buying at all because trend looks negative and we expect panic to remain continue till 505--495 mark in coming weeks.
For positional trade, stop loss seeing above 519 on closing basis which in unlikely to breach in near terms.
Trading Recommendation (10th Nov 2017)
Sell BPCL future below 512 and for the initial downside target of 505--495++ mark with stop loss above 519 on closing basis.
More will update soon!!!
