indicates a trend reversal from to . 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 . is gradually increasing from a couple of days.
& Price action is in favor of a long setup
Most probably -> it will cross the right shoulders high (around 39) with & we can enter in a long setup as below:
Long above 38.8
Target 1- 42.5
Target 2- 47.5
In case of Nifty fall, BHEL will follow the short setup as given below following ideal strategy
Please let me know your views.