aks85

BHEL- Ascending Channel Breakout- Sell Setup

Short
NSE:BHEL   BHARAT HEAVY ELECT
4
As seen Bhel has broken out of Ascending Channel in the daily chart a few sessions back, thereby breaking the higher high and higher low price action and gone on to make lower high, indicating short term weakness. Lately, it has formed a descending channel and the stock is expected to move down along the channel.

Expected levels - 117, 110, 104.