BEML : Channel
Updated
After falsifying the inverted head & shoulder breakout, BEML is moving towards the lower end of channel which is also near to 38.2 % retracement level of entire rally from bottom to nearest top. 795 is the support on daily chart. RSI is in oversold territory. BEML has a tendency to revert towards 10 DEMA after 10-13% correction in price. Considering 10 DEMA, 785-795 acts as a perfect zone plus 10% correction from DEMA.
Short term traders can buy BEML in dip at 785-795 level with stop loss below 774 for target of 880 on the upper side.
Note : We have buy position in BEML.
Short term traders can buy BEML in dip at 785-795 level with stop loss below 774 for target of 880 on the upper side.
Note : We have buy position in BEML.
Trade active
BEML made low of 783 and close at 835. hold with trailing stop loss 795 on closing basisTrade active
BEML made high of 850. Hold with trailing stop loss of 810. Counter is showing hidden positive divergence on daily chart.Trade closed: target reached
Book profit target of 880. CMP 903
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