Manuadarsh

Rounding Bottom-Reversal in long-term price movements

NSE:BHEL   BHARAT HEAVY ELECT
BHEL , a midcap stock, technically formed an interesting price action. Looking at the monthly chart, you can see the rounding bottom. Rounding bottoms are found at the end of extended downward trends and signify a reversal in long-term price movements. If the price action were respectable, we could expect a multi-year break out. I'm hoping that any positive trigger from here will also ensure that the current range does not break. On the daily chart , there is a trend line . If that is broken with strength, it is good to add in to the long term portfolio.

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