Crude Oil has rallied almost 70-80% in the last year and has finally shown some signs of topping out.
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.
- 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
- Double bottom around 150 and a breakout point above 172-175.
- Can it go to 200-220.
Bharat Petroleum Corporation
- 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
- A breakout point would be around 300/320.
- A downward channel.
1) Technical Analysis Training – Mumbai – 18th-19th August 2018
Trainer – Nooresh Merani & N S Fidai
Payment Link , Course Content & Venue Details - https://www.instamojo.com/analyseindia/technical-analysis-training-mumbai-18th-19th/
2) Technical Analysis Training Bangalore – 25th-26th August 2018
Trainer – N S Fidai
Payment Link , Course Content & Venue Details - https://www.instamojo.com/analyseindia/technical-analysis-training-bangalore25th-an/
3 ) Technical Analysis Training Delhi – 08th-09th September 2018 -
Trainer – N S Fidai
For our services check link on top of website –
Can subscribe to The Agnostic Portfolio ( Its down 7-8% since launch in mid April) .
For Derivatives - http://www.nooreshtech.co.in/quickgains
The product is for traders with a High RIsk Profile and High Risk Apetite. Holding period of positions is 1-15 sessions generally.
DISCLOSURE Nooresh Merani
Securities covered above: All mentioned in the above post
SEBI Registration disclosure - Investment Adviser ( INA000002991)
Nooresh Merani and his family/associates/ analysts would not have exposure in the securities mentioned in the above report/article.
Nooresh Merani and his family/associates/ analysts do not have any financial interest/beneficial ownership of more than 1% in the company covered by Analyst.
Nooresh Merani and his family/associates/ analysts have not received any compensation from the company/third party covered in the above report/article ever.
Nooresh Merani and his family/associates/ analysts has not served as an officer, director or employee of company covered in the report/article and has not been engaged in market-making activity of the company covered in the report/article.
The views expressed are based solely on information available publicly and believed to be true. Investors are advised to independently evaluate the market conditions/risks involved before making any investment decision
Also read the detailed disclaimer - http://www.nooreshtech.co.in/disclaimer