BPCL- Bullish HARMONIC Buy Signal!
Attached: BPCL Weekly Chart as of 17th March 2023
Going by Harmonics:
A Bullish Anti Bat Pattern has got activated with this Week's Bullish Power Candle Close above 350. This is a BUY signal!🚀
Going by Dow Theory:
We see that Price has also put in its First Higher Low of 314 since the Lows of 288 back in October 2022. This is a Sign of a Trend Reversal Structure.
The Prior Trend was DOWN on the Weekly TF. Now it appears the Trend is turning on the UPSIDE.
Coming back to the Harmonic Pattern, our Plan of Action for a Positional Trade is:
Buy Entry triggered at Current Market Price of 351✅
Stop Loss can be placed below 52 week low which is ~ < 288⚠️
Upside Targets🎯 as follows:
T1= 380 to 400
T2= 480 to 500
T3= extension beyond 500 level, towards Prior ATH / New ATH
(Also do check out my related idea on BPCL which looks at the Daily TF)
...........
If I were to talk about some Fundamentals,
then BPCL also has a 4.5% Dividend Yield which is quite Attractive in a Rising Interest Rate Environment that the Global Economy currently is in
And so it is also a Buy if you consider the Dividend along with a Capital Appreciation potential📈
Going by Harmonics:
A Bullish Anti Bat Pattern has got activated with this Week's Bullish Power Candle Close above 350. This is a BUY signal!🚀
Going by Dow Theory:
We see that Price has also put in its First Higher Low of 314 since the Lows of 288 back in October 2022. This is a Sign of a Trend Reversal Structure.
The Prior Trend was DOWN on the Weekly TF. Now it appears the Trend is turning on the UPSIDE.
Coming back to the Harmonic Pattern, our Plan of Action for a Positional Trade is:
Buy Entry triggered at Current Market Price of 351✅
Stop Loss can be placed below 52 week low which is ~ < 288⚠️
Upside Targets🎯 as follows:
T1= 380 to 400
T2= 480 to 500
T3= extension beyond 500 level, towards Prior ATH / New ATH
(Also do check out my related idea on BPCL which looks at the Daily TF)
...........
If I were to talk about some Fundamentals,
then BPCL also has a 4.5% Dividend Yield which is quite Attractive in a Rising Interest Rate Environment that the Global Economy currently is in
And so it is also a Buy if you consider the Dividend along with a Capital Appreciation potential📈
Siddharth Bhansali
✔️Twitter Handle @T_Harth
✔️Twitter Handle @T_Harth
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