BPCL [cup&handle]

23. Juni

Bharat Petroleum Corporation Limited (BPCL) on a weekly timeframe.

The chart shows a series of cup-and-handle patterns, which are bullish continuation patterns.

The price has recently broken out of the last cup pattern, indicating potential bullish momentum.

1st Target (1st TRG):
The price level around 344 INR is marked as the first target.

The stock price has recently touched this level and faced some resistance.

2nd Target (2st TRG):
The Fibonacci extension is marked as the second target range, between approximately 400 INR to 440 INR.

Volume Analysis:
The volume has increased significantly during the breakout, which supports the validity of the bullish move.

Support Levels:

Pine Script®

Immediate Support and Resistance:

1. Current Price: 307.60 INR.
   
2. Immediate Resistance: 344 INR (1st TRG).
   
3. Immediate Support: Around 270-280 INR.
   

Two scenarios :-

Bullish Scenario:
If BPCL maintains its bullish momentum and breaks above 344 INR, it could move towards the 400-440 INR range.

Bearish Scenario:
If the price fails to sustain above 344 INR and falls below 270 INR, it might retest lower support levels, potentially around 240 INR or even lower.

Targets:

If the price manages to break and sustain above 344 INR, the next target range would be 400-440 INR, as indicated by the Fibonacci extension.

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