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.
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.