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.