Bharat Petroleum Corporation Limited has broken through the ceiling of a falling trend channel in the medium long term. This indicates a slower falling rate initially, or the start of a more horizontal development. The price has broken through the ceiling at 346 of a rectangle pattern.
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A decisive break will
signal a further rise to 416 or more. The stock
is testing resistance at rupee 352. This could
give a negative reaction, but an upward
breakthrough of rupee 352 means a positive
signal. Positive volume balance, with high
volume on days of rising prices and low
volume on days of falling prices, strengthens
the stock in the short term. The stock is
overall assessed as technically positive for
the medium long term.
