BPCL is in Uptrend and Supported by Rising Trend Line, Bounce is More Likely from Current Levels

Bharat Petroleum Corporation Ltd. is one of the oldest oil marketing company in India. The BPCL stock on NSE was listed on 13 September 1995, at current levels we see that there is a support of 200 SMA holding the stock above it suggesting this stock is still bullish for its long term view. When we look at the weekly chart of this stock we see that a 4th wave pattern is forming and this will follow the 5th wave which is the longest wave, from this we can conclude that the there is much more upside targeting a new top formation. So my advice to traders is to the long term traders is to enter long, and look for only buying opportunities using the lower time frame chart like 4 hour chart and time our entry using slow stochastic indicator. Enter the long position in BPCL future near the 615 levels for 6 to 9 months target as 800 and 915 levels. The stop loss should be placed below the 580 levels, from the risk:reward point of view this is very good opportunity to grab as the risk to reward ratio for this trade is 1:7. So risky trader can buy BPCL on F&O contracts.