Bharat Petroleum Corporation Limited (BPCL) Stock - Complete Technical Analysis - Dec 23, 2024

BPCL Technical Analysis: Bearish Patterns and Key Support Levels Detailed Stock Review

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. BPCL, currently trading at 289.05, is facing a range of bearish signals, highlighted by its recent Bearish Harami pattern, low RSI, and a negative MACD. The stock is significantly below its recent high of 376.0 and only 33.68% above its low of 216.23. This suggests weakening momentum and an increased likelihood of further downward movement. Key resistance levels are around 296.82, and support levels sit at 274.63 and 257.17, with the ATR indicating potential volatility. With the stock trading below key EMAs and showing oversold conditions, traders should be vigilant for signs of trend reversal or further price declines. For long-term traders, waiting for confirmation of support at 274.63 could be crucial before making any new positions. Alternatively, a break below this support might lead to a deeper decline, signaling caution for new buys.