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BPCL Stock Analysis suggests that stock is forming a DOUBLE Top on price action. However, the probability of following the same is very bleak. The key support and resistance levels are Rs 550, Rs 450 and Rs 400. Currently, the BPCL share is trading in an upward-pointing channel. BPCL is currently trading near the bottom of this channel. The risk-reward ratio is favorable at 2:1.
The Fibonacci Retracement level suggests that the BPCL normally retrace from the level of 50%. This is a bearish sign because the stock can go down by Rs 40. Option chain analysis suggests that both call and put writers are closing their positions. The next month’s option chain is bullish.
BPCL Stock Analysis shows that the stock is trading and consolidating near the 20 period Exponential Moving Average. Recently, it also tested its 200-period Exponential Moving Average.
The recent down move was not volume supported. The volume bars are small compared to the price candles. Therefore, we can conclude that stock can reverse its trend from bearish to bullish. Data Analysis suggests that the price of the stock is decreasing, turnover is decreasing, deliverable quantity is also decreasing and big players are not much active in this stock.
BPCL Stock Analysis is a part of the Nifty commodities index. BPCL has outperformed its index and normally the money flows from the best-performing stocks to the underperforming stocks.
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