Technical Analysis of Indian Equities by Nooresh

Interesting Chart Setup- Crude Oil ( Brent and WTI) with BPCL , IOC, HPCL

Crude Oil has rallied almost 70-80% in the last year and has finally shown some signs of topping out.

WTI Crude

Its tough to say how co-related short term moves in Oil Marketing Companies – BPCL,HPCL and IOC with Crude Oil Movements but currently the charts seem to be interestingly poised.

  • A nice channelled move in Crude in the last few months made a top towards the upper end of the channel.
  • Supports at 66 ( trendline) and 63.5 last bottom and trendline.
  • A break below above levels would indicate start of a downtrend.

WTI Crude

Brent Crude

Brent Crude

  • The upward trend line has been broken but previous tops and bottoms at 70-71 acting as support.
  • A sustaining move below 70-71 would indicate a downtrend.

Indian Oil Corporation

IOC

  • Double bottom around 150 and a breakout point above 172-175.
  • Can it go to 200-220.

Bharat Petroleum Corporation

BPCL w

  • Double bottom around 365.
  • A breakout point at 410-420.
  • Can it do a 10-15% bounce post breakout.
  • The stoploss would be around 385 on breakout

HPCL

HPCL s

  • A breakout point would be around 300/320.
  • A downward channel.

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Article by Nooresh Merani

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