BHEL: Near support but I still haven't found what I'm lookin for
Updated
BHEL:
CMP 138
Observations
- From the highs of 182.75 the stock has seen a steep fall to 133.60 odd levels
- the stock is consolidating for the last few trading sessions since then
- 142 - 132 represents 61.8% and 76.4% retracement level of the rise from 116 to 182
- Do note: No confirmation of any reversal so far from chart...Do not rush to trade...
- a close above 140.50 might indicate a short term bounce towards 148-154 zone
However From a longer term horizon view...
- the stock is in up trend channel
&
- 128 -133 zone is an important level for the stock... holding that may confirm reversal from lower end of the channel
Target in that case would be around 195 -213 zone towards upper end of channel in medium term
A buy on dips towards 133-128 zone can provide better risk::reward ratio
Take care & safe trading...!!!
CMP 138
Observations
- From the highs of 182.75 the stock has seen a steep fall to 133.60 odd levels
- the stock is consolidating for the last few trading sessions since then
- 142 - 132 represents 61.8% and 76.4% retracement level of the rise from 116 to 182
- Do note: No confirmation of any reversal so far from chart...Do not rush to trade...
- a close above 140.50 might indicate a short term bounce towards 148-154 zone
However From a longer term horizon view...
- the stock is in up trend channel
&
- 128 -133 zone is an important level for the stock... holding that may confirm reversal from lower end of the channel
Target in that case would be around 195 -213 zone towards upper end of channel in medium term
A buy on dips towards 133-128 zone can provide better risk::reward ratio
Take care & safe trading...!!!
Note
Apologies for the above chart....Here's the actual one
Note
BHEL CMP 134.30-We have been obsderving the stock since Monday 19 June...
However as suggested in title too... I still haven't found what I'm looking for....
No signs of reversal confirmation yet...Still waiting...waiting for a reverasal signal...
Patience is the name of the game...
Take care
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