Sell BHARAT PETROLEUM CORPORATION
|Sell Range||474 – 464|
|Target||452 – 447|
|Duration||10 – 12 Trading Days|
|Potential Returns^||4 – 5%|
|CP#||Idea||Sell Range||Target||StopLoss*||Duration||Potential Returns^|
|467.75||SELL||474 – 464||452 – 447||488||10 – 12 Trading Days||4 – 5%|
# CP – closing price on Jan 27, 2020
* Maintain recommended StopLoss by daily closing basis.
Once 1st target hit, reset StopLoss at 460.
^ Potential returns are calculated based on the median of sell range.
Verify Ultra Equity Advice #110
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Bharat Petroleum Corporation Limited refines crude oil and sells petroleum products in India. It operates fuel station that sells petrol, diesel, LPG and CNG. Besides, the company also offers gases, naptha, disel, kerosene, furnace oil, bitumen, sulphur and industrial lubricants. The oil refiner’s revenue drops 15.77 per cent to Rs 64,289 crore on a quarterly basis.
|Sectoral Index||Nifty 500|
TECHNICAL OBSERVATIONS (WEEKLY)
- Last three months earlier, the stock had made a false upside breakout, when price temporarily moves above the resistance level, but later retrace back to the same side as it started.
- We are also witnessing the formation of ‘Lower Highs Lower Lows’ on a weekly scale, which is a negative sign as per ‘Dow Theory’.
TECHNICAL OBSERVATIONS (DAILY)
- Bharat Petroleum share price has extended its southward journey, which indicates weakness over the last few weeks.
- Technical indicators are currently giving negative signals as the stock trades below the important moving averages.
- Presently, the stock price has placed near the resistance and based on the past evidence, we are expecting the price to fall off from here.
CONCLUSION - BPCL SHARE PRICE FORECAST
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Ultra Equity Advice #110: The stock has been moving Lower High Lower Lows - according to Dow Theory.— Goodluck Capital (@CapitalGoodluck) January 28, 2020
🔗 Original Post https://t.co/CcOubnCODY#technicalanalysis #trading #tradingtips #tradingstrategy #investments #hedgefund #buysell #financialmarkets #GoodluckCapitalUltra