I am planning to add BPCL to my portfolio from a medium term perspective. Kindly provide technical inputs for the stock.
- Mahesh G
AVOID BPCL FOR NOW
BPCL is currently trading at Rs 336.35. Its 52-week high/low stand at Rs 551.55/Rs 303.85 made on October 30, 2017 and October 04, 2018, respectively. The stock has been trading below its crucial moving average i.e. 100-DMA and 200-DMA. Technically, the stock has resistance placed around the level of Rs 392-393 defined by the downward sloping trendline drawn adjoining March 2018 and June 2018 highs. We would advise to wait for the stock to give a breakout of the downward sloping trendline to enter this stock. A close above the downward sloping trendline may take it towards its 200-DMA, which is currently placed at the level of Rs 419. The RSI on the daily time frame is not able to cross the level of 60-61