BHARAT HEAVY ELECTRICALS LTD - BHEL(NSE) | ASCENDING TRIANGLE
BHARAT HEAVY ELECTRICALS LTD - BHEL(NSE) has been forming an Ascending Triangle since May 2021. A bounce-back from the bottom boundary of the triangle can be a good buy signal, keeping the green top line of the triangle as the target. On the other hand, if a long red candle cuts the triangle downwards, an Intraday Short Selling can be performed, keeping the target as 55. Apart from the aforementioned possibilities, if a long candle cuts the green top boundary of the triangle upwards, it can be considered as an excellent long term buying opportunity, keeping the target as 333, which may yield a return of 566% in less than 2 years! A historic price movement from the blue dashed line, i.e., 50 till 333, as indicated by the yellow curved arrow sets the seal on it.
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