AbhishekHSinghCMT

Bhel- Close to 113.75 Swing Low-Bears happy below 146

AbhishekHSinghCMT Updated   
NSE:BHEL   BHARAT HEAVY ELECT
3
Heading Close to important swing low@113.75- if it fails to take out that level- traders can keep a close watch for bulls returning above 113.75 level intact.
In previous update- expected bullish move only above 146 but it did not sustain above that level & Bhel slipped down.

Trading Strategy
Traders can look to buy with strict stops below swing low@113.75 but should wait to see some bulls coming above that level. Looking at Index bounce upside likely correction extends & 113.75 is intact for one more leg upside before bears join from the top again.

Going below 113.75- likely bears will take it deep down below 90 swing lows.

Pullback done@162.90- Click The chart & Use load bar feature
Trade active: 05:42 Hrs 28th Dec2016

Last Price@119.25

Day's Low@116

Key level-113.75 - Keep an eye on the same as suggested above if 113.75 holds then possible bounce
Trade active: 13:55 Hrs 30th Dec2016

Last Price@120. 25

Trail your stops to 118 if taken long as expected above once it starts moving below 118 – exit the trade --Try & pick above 113.75 if it holds above that level-using stops below 113.75- going below 113.75 –it will start moving downside.

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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