BPCL trend reversal
BPCL was in a very clear uptrend from 22nd December... after that yesterday it formed a green candle with small wicks, today it opened gap up but could not retain the price and closed deep into yesterday's body.
The encircled pattern is called Dark Cloud Cover.
As the name suggests, a downtrend is expected after the appearance of this pattern.
You can keep a target of the 200-day exponential moving average.
The stop loss will be the highest high among both the candles forming the pattern.
In this case, the highest high is the high of the first day (green) candle.
The encircled pattern is called Dark Cloud Cover.
As the name suggests, a downtrend is expected after the appearance of this pattern.
You can keep a target of the 200-day exponential moving average.
The stop loss will be the highest high among both the candles forming the pattern.
In this case, the highest high is the high of the first day (green) candle.
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