BHEL Daily Analysis/b]
Double Bottom (W) Pattern formation in BHEL
Will it move as per Double Bottom Pattern Analysis? Will See!!
BHEL has made double bottom pattern on Daily Timeframe and also it has given neckline breakout 79.85 with good volume and successfully able to close above it. BHEL is trading above 50 EMA which is also a confirmation of bullish trend.
Trading Psychology and Setup =
Entry = Entry will be between 80-82
Target = Target 1 will be 87.60 which is also a 1.618 fib level and will acts like a possible resistance and 2nd will be 95.50
Stop Loss = Below 76.75
Disclaimer = All my analysis are for Educational Purpose only. Before entering into any trade - 1) Educate Yourself 2) Do your own research and analysis 3) Define your Risk to Reward ratio 4)Don't trade with full capital
Double Bottom (W) Pattern formation in BHEL
Will it move as per Double Bottom Pattern Analysis? Will See!!
BHEL has made double bottom pattern on Daily Timeframe and also it has given neckline breakout 79.85 with good volume and successfully able to close above it. BHEL is trading above 50 EMA which is also a confirmation of bullish trend.
Trading Psychology and Setup =
Entry = Entry will be between 80-82
Target = Target 1 will be 87.60 which is also a 1.618 fib level and will acts like a possible resistance and 2nd will be 95.50
Stop Loss = Below 76.75
Disclaimer = All my analysis are for Educational Purpose only. Before entering into any trade - 1) Educate Yourself 2) Do your own research and analysis 3) Define your Risk to Reward ratio 4)Don't trade with full capital
Trade closed: target reached:
Target 1 was Reached on 3 May. Sorry for the late update.
Trade closed: target reached:
Projected Target has been reached!
Comment:
As per Double Bottom pattern our Projected Target has been Reached!
Comment:
Entry = 81, Exit = 95.50 , Gain = 14.5rs
%Gain = 14.5/81*100 = 17.90%
%Gain = 14.5/81*100 = 17.90%
Avinash K.
