varadtambolkar

BHEL Trend Reversal with Double bottom at long term Support

Long
NSE:BHEL   BHARAT HEAVY ELECT
All observations on chart.

Stock is in bear market for many years. It formed a double bottom pattern, gave breakout with volumes & now there is a strong pullback.

Double bottom is trend reversal pattern preceded by down move. After pattern breakout trend reverses to up-move. Location of pattern is important, such patterns workout superbly when such pattern is formed at long-term supports or a strong support.

In Case of NSE:BHEL Double bottom pattern is formed at multi year supports check below.

Comments

Very good and simple to understand charts, please make one for Network 18 also.it will be very useful for small retail traders
Thank you.
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varadtambolkar praveenagr
@praveenagr, network 18 and TV 18 broadcast

Both already posted.
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Thank you sir I bought it at the rate of 46
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@dkvupr, good👍🏾😃
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Really good analysis.
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varadtambolkar ashokjariwala1
@ashokjariwala1, 🙏🏾🙏🏾
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nyz bro......promising chart.
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varadtambolkar ANKITHSHAJU
@ANKITHSHAJU, 🤟🏾🤟🏾
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Can we buy now at cmp?
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varadtambolkar chetanchopra1990
@chetanchopra1990, yes as a trader can use dips to enter. Valid till it sustains above breakout area.

Investors can use monthly n weekly charts to enter. Stopp loss comes big here.
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