sumitb2015

BHEL takes support at 38.2% retracement on an upward channel

Long
NSE:BHEL   BHARAT HEAVY ELECT
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BHEL has taken support at 38.2% retracement levels it seems.
Also the price is at the bottom of the Upward channel which is a strong confirmation that the price is at an important juncture,
BHEL can now move higher if it respects the upward channel and rebound from these levels.

Go LONG at the current level 135
Target 160
SL 126
Comment: BHEL has reversed from the downward channel and continuing its uptrend within the channel.
Target = 160