Topic Statement:

BPCL has made a strong upward move in the recent rally, though key resistance levels and chart patterns suggest caution.

Key Points:

• A head and shoulders candlestick pattern is visible, indicating potential reversal signals to watch
• The stock took heavy support at the 50% Fibonacci retracement level, where it also briefly dipped below the 180-day EMA
• Price is currently facing resistance at the 23.6% Fibonacci level near 317, which may act as a short-term cap on further gains

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Disclaimer

This article should not be interpreted as investment advice. For any investment decisions, consult a reputable financial advisor. The author and publisher are not responsible for any losses incurred by investors or traders based on the information provided.