In the stock of BHEL it has been witnessed sideways movement since its low of 90.15 made on 29th Feb., 2016, the 'Budget Day'. At first look, the movement in the stock looks like it is forming a "Complex Correction" type of pattern.
If this is considered to be true and giving due consideration to the internal counts of the wave from the low of 116.10, wave 'a' of wave "C" or "Y" got completed. Besides, on daily as well as hourly (shared seperately below) chart a divergence is clearly visible.
Moreover, as shown in the chart, until now the stock has been moving in symmetrical way in the channel line drawn. The first leg or wave 'a' of "A" or "W" have corrected almost 50.00% to its rise from 90.15 to 135.45. Considering the same, first leg or wave 'a' or "C" or "Y" may get corrected up to 50.00% of its total rise from 116.10 to 171.75, which comes around 144.
The possible intervals for the southward movement are 158.00, 151.00 and 144, being retracement level of 23.60%, 38.20% and 50.00% of the total rise of wave 'a' of "C" or "Y". The stock, for the near future or say for the next few days, does not seem to cross today's top of 171.75.
Below is the link to the hourly chart for the further reference for the reader of the post.
All views, charts, comments, post or any materials of any kind discussed, published, posted and/or commented are for educational purpose only and not meant to be an advice to trade.
Current price 170.30.