aks85

BHEL- Ascending Channel Breakout- Sell Setup

Short
NSE:BHEL   BHARAT HEAVY ELECT
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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.

Comments

Hi do you expect 120-124 zone to act as an intermediate support before resuming the downward journey till your expected levels?
Reply
aks85 nirav5
Hi Nirav, 124 levels did act as a resistance the last time when the buyers eventually managed to breach it and take the price higher. It can again act an intermediate support, where the concept of change in polarity comes in. But I would not be bothered about it much as it is not a major hurdle in my opinion. Also, as of now in the short term sellers are looking quite dominant which I can see by strong down move as compared to its upmove (retracement). Thanks.
Reply
nirav5 aks85
@aks85, Thanks.
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