BPCL - Importance of 200EMA
The 200EMA which used to act like a support now has been acting like a resistance.
Short term the price could fall to 355, but citing the govts move to keep increase petrol prices it seems they are allowing Oil Marketing companies free reign to move prices..so as to be able to divest stake in this company.
I would look to go long if and whenever the stock price crosses the 200EMA upwards or if it bounces at either 355 (Short term support) or 331 (Trendline Support). Ideally i would buy it above the 200EMA coz the move could be sharp above that.
Keep this stock on your watchlist.
Short term the price could fall to 355, but citing the govts move to keep increase petrol prices it seems they are allowing Oil Marketing companies free reign to move prices..so as to be able to divest stake in this company.
I would look to go long if and whenever the stock price crosses the 200EMA upwards or if it bounces at either 355 (Short term support) or 331 (Trendline Support). Ideally i would buy it above the 200EMA coz the move could be sharp above that.
Keep this stock on your watchlist.
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