Chart Check: Ascending triangle breakout makes BPCL an attractive buy; next target seen at Rs 400

Bharat Petroleum Corporation Limited (BPCL) has recorded a breakout from an ascending triangle formation on its weekly charts, opening up potential for the stock to reach INR 400 levels. Short-term traders are suggested to buy the stock for a possible target of INR 400 in the next 3-4 weeks. The stock formed a strong base above INR 288 levels and is trading below short-term moving averages such as 5 and 10-DMA on the daily charts but above 30, 50 and 200-DMA. Momentum indicator RSI has given a range breakout, which has bullish implications.