Trading Journal on 12 June 2017. BPCL, Coal India

BPCL

In the above chart BPCL was in downtrend for the past 2 to 3 days. But the stock is in sideways in last 2 days. Here 710 act as Resistance and 696 Act as Support.

The stock is trading between it's resistance and support area after a down move. It may be just a consolidation.

If the Stock Break the Resistance (710) and stay above it, The trend be considered and changed from down to up. (Buy can be initiated). If it break resistance, 723 area is next resistance level.
If it break the Support, the stock will continue it's downtrend. (Sell can be initiated)

Coal India

Coal India was in clear down move in first 2 days. After that, The stock was in consolidation downtrend.

Stock still going to down move after breaking the first trendline but The slope of the trendline is lowering. Both trendline is in downsilde but 2nd trendline slope is lower than first. Which means the stock down move is weakening and downtrend is coming to end.

Stock downtrend is weakening and seem to be end the down move. so there is no much scope of shorting in the stock. just wait to turn up the momentum of stock move and wait for better entry point to long. 

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