BPCL - SHORT COVERING IN PROGRESS - LONG

28 thg 1, 2020

BPCL is one of the listed Oil Marketing Companies' in India. The stock has made a high of around Rs.550 in Nov'19 and has been in pressure since then because of global uncertainties, Macroeconomic issues and fluctuating crude prices in recent times. After correcting 38.2% from the top the stock has shown some retracement and today's close (01/28/2020) has been above 13/34 days EMA's with raise in Open Interest, Price, and Delivery of stock in Cash Market from past few days indicating "Short Covering" is in progress and stock price can move higher going forward and possibly test Rs.550.00. Flag Pattern and trendline breakout in RSI confirming the uptrend to continue.

Disclaimer: Basis the above analysis one can initiate long depending on their risk appetite.

Note: I am not a SEBI registered Research Analyst. Above analysis is being shared for Education Purpose.