finalyticsbreweries

BHEL: Head and Shoulder Pattern

Long
NSE:BHEL   BHARAT HEAVY ELECT
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
SL-39.3

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

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