As it is evident from the daily and weekly chart, BEML has formed inverted H&S pattern. Breakout took place sometimes in the past but target of the pattern 1300 + is still to be seen. 938-927 would be the range to buy with stop loss below 900 ( daily closing). The best part is H&S which is a trend reversal pattern has been formed after a multi month bearish trend. Higher top higher bottom series has already started which suggests that counter has moved into bullish zone.
It can be a long term bet if investors wants to hold for 2-3 years. Stop loss for long term investors would be 820 on closing basis.
It can be a long term bet if investors wants to hold for 2-3 years. Stop loss for long term investors would be 820 on closing basis.
Trade active:
Keep stop loss at 774