BHEL: Head and Shoulder Pattern

Head and shoulder patter observed in BHEL .

H&S indicates a trend reversal from Bullish to Bearish . But Since Nifty is in bull run & will go upwards after minor corrections happening since past few days.
Hence I am more in favor of long setup in BHEL . Volume is gradually increasing from a couple of days.

Volume & Price action is in favor of a long setup
Most probably -> it will cross the right shoulders high (around 39) with volume & we can enter in a long setup as below:

Long above 38.8

Long Setup:
Target 1- 42.5
Target 2- 47.5
SL -34.70

In case of Nifty fall, BHEL will follow the short setup as given below following ideal H&S strategy

Short Setup:
Target 1-32.60
Target 2-29.30

Please let me know your views.
Comment: Trade active... Near its Target.


I am also bullish in this counter because i bought it since it is at rs 207/-
+1 Reply
Agreed, I guess taking long trade is better than, short trade.
+1 Reply
Thank you for posting the detailed analysis of BHEL..
+1 Reply
i also agree with u. Short term target 40 confirmed. Telangana 2nd unit 250 MW plant planned commissioning in this month.
Very nice analysis
finalyticsbreweries biswanath112368
@biswanath112368, thank you :)
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