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 basis
Trade 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