BHEL triangle pattern Bhel triangle pattern breakout with confirmation of increasing volume and see other cup pattern
BHEL trade ideas
Ripe for an up move?NSE:BHEL
On long-term charts price has been in a downtrend since more than a decade and has fallen in range of all time lows. It has seen good volume and support in all time lows range. If it manages to break and sustain above 42, then a change in trend can be seen. 26-28 can act as support area. Breakdown below that levels can negate the view.
On short term (daily) charts, price has broken a 12 month long range and is presently trying to sustain above the breakout levels.
trendline supportkeep in radar, seems like price is taking support of trendline , after breaking trendline sellers volumes dried up, still bulls are not coming strong and not any follow through .
price is above 200 MA, since July selling has been poor which shows weakness in selling and strong ness in buying.
sl - 37 in long postion.
BHEL - Make in India, Story of a bull This has been the stock worth watching and putting once money in the current overheated market if that is the perception. Hit low of around 20 made subsequent move towards 43 (current wave 1), subsequent fall towards 29 marks the correction as wave 2 (roughly 50%). We are in the start of wave 3 and hence the best wave to get in. Any fall due to the overall softer bias today provides opportunity to get in this place. First target is towards 60 and then toward 75 stops 27.30 (View negates, on daily close basis). Stay Long. Stay Focused.
