BPCL – BPCL Elliott Wave Analysis | TradingLounge (1D Chart)

BPCL Stock Elliott Wave Technical Analysis

Function: Larger Degree Trend Higher (Intermediate Degree Orange)

Mode: Motive

Structure: Impulse

Position: Minor Wave 3

Details: Minor Wave 3 (Grey) is progressing higher within Intermediate Wave (5) (Orange) against the 324 level. Alternatively, Minor Wave 5 (Grey) may have completed, indicating that the stock has reversed direction and is moving lower. Long traders should proceed with caution.

Invalidation point: 324

BPCL Daily Chart Technical Analysis and Potential Elliott Wave Counts

The BPCL daily chart suggests that five waves may have completed between the 144 and 380 levels at the Intermediate level. A break below 324 will confirm a major top, suggesting a deeper correction could follow.

The stock bottomed around the 144 level in October 2022, and since then, Intermediate Waves (1) through (5) (Orange) seem to have completed, culminating in the 380 high registered on September 30, 2024. Note that Minor Wave 3 (Grey) within Intermediate Wave (5) (Orange) was extended.

Intermediate Wave (4) (Orange) completed around the 269 level on June 4, 2024, along with many other stocks. If this analysis holds, there is a high probability that Intermediate Wave (5) has completed around the 380 mark. Bears are poised for a potential breakdown below the 324 level in the near term.

BPCL-1D-Stock-Chart-...


BPCL – BPCL Elliott Wave Technical Analysis (4H Chart)

Function: Larger Degree Trend Higher (Intermediate Degree Orange)

Mode: Motive

Structure: Impulse

Position: Minor Wave 3

Details: Minor Wave 3 (Grey) is advancing higher within Intermediate Wave (5) (Orange) against the 324 level. Alternatively, Minor Wave 3 may have terminated around 360, Minor Wave 4 (Grey) around 324, and Minor Wave 5 (Grey) could have completed near 280, with the stock now trending lower. Long traders should remain cautious.

Invalidation point: 324

BPCL 4H Chart Technical Analysis and Potential Elliott Wave Counts

The BPCL 4H chart outlines the sub-waves following Intermediate Wave (3) (Orange). It’s important to note that Wave (4) (Orange) was a combination W-X-Y pattern, and Wave (5) is either complete or nearing completion. Prepare for a possible deeper correction ahead.

Technical Analyst: Harsh Japee

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BPCL-4h-Stock-Chart-...


Conclusion:

BPCL has likely completed Intermediate Wave (5) (Orange) around the 380 level or is close to doing so. A break below the 324 level will confirm a bearish reversal. Stay alert for further price action.

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