avlnrao63

Bhel 42.95 - Reverse Head and shoulder pattern

Long
NSE:BHEL   BHARAT HEAVY ELECT
BHEL- CMP 42.95. It has made reverse head and shoulder pattern on daily charts . It formed double top recently at 44.3. Breakout level is 44.3 If it crosses and stays there for some time then breakout happens. Its targets and SL are given on chart. Yesterdays cash volumes are good. Till yesterday it was in F&O ban and during ban generally price breakouts do not happen. Today it has come out of ban and recent announcement of monetisation of land and other assets of PSUs is a big positive for this as BHEL is having huge surplus lands in prime areas of Hyderabad, Bangalore, Bhopal etc. Also MACD is showing positive divergence. This is purely for educational purpose and consult finance adviser before taking any investment decision.
Comment: Met all its targets in few days. 30% rise in in 5 trading sessions. What a breakout. It will consolidate and may move up again.
Comment: Made a high of 79.55 on June 7th. A rise of 37 points in a span of 3.5 months from a recommended level of 42.95 which is around 90% rise. Can continue with a trailing sl of 62.
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