BPCL May Rebound 25%

Bharat Petroleum Corporation Ltd (BPCL) stock is down over 27% from its high. But the stock is poised to recoup some of those losses, based on technical analysis, by about 25%. The stock appears to have put in solid Technical Bottom 370 and have been trading higher along with new technical uptrend. A Double Bottom chart pattern appeared on the weekly chart of the stock, that is the bullish pattern. This bullish pattern formed around the long term support trend line and 200 EMA. The RSI appears to have bottomed as well. The RSI hit 29, indicating Stock was oversold at the mid of April and have been trading higher forming a bullish divergence. The bullish crossover of MACD and Signal line also indicating bullish momentum in the stock. Volumes appears to be high around the lower level suggesting the interest of the investor at the lower level. Most of the investor would like to place their Stop Loss below the long term support level of 370.