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Description and levels in the chart
BHEL counter is entering in to bullish grip.
Both DAILY + WEEKLY entering in to bullish phased & if this counter is giving closed @ 99 then monthly candle is also entering in to bullish phased.
For me it looks it will go down and going above 74 is very difficult
As per the https://www.tradingview.com/script/blezNqOz-BUY2SELL2BUYindicator-SimplifiedBuySellIndicator/ indicator wait for the Blue candle and then enter for a Buy.
Stock is in still downtrend..
if you have already long position and long term view you may wait up to 75..
comment your view..
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i ll happy to see your view, comment and feedback
And follow for such more analysis ....
Facing resistance at Cloud & 38.2 % fibo level
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 ...
Resistance at long term trend line + Head and Shoulder pattern.
Can be a shorting opportunity, only on break of pattern.
Horizontal support can play spoil sport.
In connection to the earlier chart, looking at this Bearish Shark Pattern being formed, we may work on possible target provided the low is held by the bulls. Always enter the Stop Loss to save capital from unforeseen circumstances.
A Bullish Harmonic Shark pattern seems to have been started and the price is very close to long-held support level. Have a look at the second Harmonic chart being published after this.
buy above resistance 90.20
Target : 97.20
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
BHEL look good @ cmp 135.6 today stock bounce from long support with volume confirm the upmove in future our Target for next 6 month 198
Sl 129 on weekly closing basis
cmp : 140
Target : 148-150
Timeperiod : 8-10 days
GREEN LINE TARGET RED LINE SL
Expecting range on Upperside 190 to Lowerside 170.