nextgen
Long

BEML trading at bullish flag support

NSE:BEML   BEML LTD
98 4 2
BEML             has been trading at bullish flag support and may see upside from this level to next level above 1350. Long is the trade on dip.
Sir I follow your ideas and appreciate the sincere analysis. I've just one doubt about the Flag. Thomas Bulkowski in his Encyclopedia Of Chart Patterns has clearly mentioned that Flag portion is small mostly less than weeks. So I remove all the charts which are longer than that. I would request to throw light on it from your experience please. With thanks and best regards
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praveen.bhatiya praveen.bhatiya
@praveen.bhatiya, Sorry for typing mistake I meant here less than 3 weeks.
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nextgen PRO praveen.bhatiya
@praveen.bhatiya, Praveen ji, It depends on the traders mind set, as to what chart pattern he assumes in his analysis, this analysis can also be defined as rising channel, and in trading we find opportunity to get maximum profit with very small stop loss, this is very strong bullish signal with very small stop loss, just breakout of support. Thomas Bulkowski is a great chart analyst and has extensive researched on chart patterns but we all are human being trading with same methods. and only majority of same thinking wins, so charts and analysis may have different time periods and can not same every time. and being a traders again we have to find "opportunity".
In Technical analysis there is a proverb " Technical analysis is more an art then science"
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@nextgen, Thanks for your detailed reply.
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