BHEL HAS BROKEN BULL FRACTAL AND WAS UNABLE TO SUSTAIN THE UPMOVE STOCK HAS SEEN TO CREATE STRONG DOWNSIDE BASE AROUND RS 80 TILL NOW STOCK HAS NOT BROKEN ANY BEAR FRACTAL AFTER INITIAL BREAK OF BULL FRACTAL. BIT RISKY TO ASSUME BUY MOMENTUM STILL EXISTS SINCE IT HAS NOT BROKEN ANY OF BEAR OR BULL FRACTAL AFTER ITS 1ST BULL FRACTAL BREAK. HENCE RISKY...
Strong buy for long term investing.
1.A big bearish candle after weak bear bars indicates possibility of a short trade 2.First support is present near 134 and second support near 116
We have an ascending triangle pattern in BHEL and I'm expecting upside breakout today but that means doubletop will fail & gladly yesterday I didn't enter doubletop. So I'm free to enter based on triangle on any directional breakout in Bhel If you watch closely, we have double top formation with RSI divergence within triangle. Ascending triangles breakout in upper...
It continuing its Wave 3 and now looks much positive and bullish after new breakout from 146 levels. I believe it may touch 160-163 levels in Aug series.
Flirting with 200DMA. If breached, no resistance in sight till 163 levels. Maintain stoploss at 135. It has shown good breakout from resistance level of 135.
POINTS NOTED ON DAILY CHART, 1. Bullish Divergence of previous support 2. Trendline confirmation 3. Breaking news to support buyers, (BHEL bags 5600cr order in Tamil Nadu)