BPCL Trade Analysis for Buy using Wyckoff method.
Wyckoff Story
Down wave Analysis
Volume Analysis
Sign of Strength
Final View
- Prior to trading range we were in uptrend and then we have Stoping action and CHoCH (Change of character). Let’s assume our bias is accumulation based on CHoCH as we don’t see lot of supply in the CHoCH.
Down wave Analysis
- We can see that the volatility of the down wave is decreasing from Phase A to Phase D, confirming the accumulation Bias.
Volume Analysis
- In Phase B we see increase in supply but the price is not able to go below the trading range, lot of effort to push the price down but fails, indicating effort vs result is not synced. Confirming the accumulation bias.
- We have supply decrease from Phase A to Phase C indicating supply is being absorbed.
Sign of Strength
- we have Major sign of strength in phase D with good demand volume indicating institutions are present in buying.
Final View
- Bullish on stock with entry marked on the chart
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