BHEL Bears Dominate – TP1 Hit, More Downside Expected!Technical Analysis: BHEL (Bharat Heavy Electricals Ltd) – 1D Timeframe (Short Trade)
We initiated a short trade on BHEL at 288.71 on 2nd September 2024, using the daily timeframe. The first target (TP1) at 259.89 has already been hit, and we are now looking ahead for further bearish momentum.
Key Levels
Entry: 288.71 – The trade was initiated following bearish signals and strong confirmation for a downward move.
Stop-Loss (SL): 312.03 – Positioned above the entry to manage risk and protect against reversals.
Take Profit 1 (TP1): 259.89 – Already hit, confirming the success of the initial short move.
Take Profit 2 (TP2): 213.25 – The next short target to be tested as bearish momentum builds.
Take Profit 3 (TP3): 166.62 – If selling pressure continues, this level could be achieved next.
Take Profit 4 (TP4): 137.79 – The ultimate target for this short trade setup.
Trend Analysis
BHEL is showing strong bearish signals, with price clearly below the Risological Dotted Trendline, confirming the downtrend. With TP1 already done, we expect the continuation of the bearish move towards TP2 and beyond.
BHEL has already reached its first profit target, demonstrating the strength of the bearish trend. The remaining targets are now in focus as we anticipate further downward movement in the coming days.
