Timeframe: Daily
After making a high of 599.9, the price has fallen to correct the impulsive structure. ADX of the price has dropped to 13.7, whereas ATR of the price has risen to 21.06. The stock has formed a symmetrical triangle whose upper trend line is broken out in yesterday’s candle.grammarly.com
According to Elliott Wave theory, the price has completed a corrective structure and initiated wave 3 of a new cycle. For confirmation, we need to see the breakout of sub-wave B of wave (2) of the impulse cycle at 540. If the price holds above 540, traders can aim for the following targets: 560 – 590 – 603+. Free Subscribers can take the previous day’s low as invalidation.
LockNSE BPCL – Bullish Formation
NSE BPCL appears robust on the daily timeframe chart, having risen by over 3%. The price is trading above the 50, 100, and 200 EMAs. Additionally, the ATR has increased to 14.38, while the ADX has reached 10.84.
The current structure of the price action looks bullish, and maintaining a position above 622 will further reinforce the bullish trend. Should a pullback occur, traders have the opportunity to enter positions near 619. The subsequent targets for this bullish movement are 635 – 643 – 656. Free subscribers can take the previous day’s low as an invalidation level.
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