A must buy opportunity in BHEL

Looking at the 4 hour time frame, the stock is making a beautiful triangle pattern inside of a channel. It has broken the trendline resistance of Rs 61 and has moved upwards. After almost 3 months of moving inside the candle, it has finally given a breakout. It also broke the trendline with good volumes which is another positive sign. Around 8% returns can be expected from the current levels in the short time frame.

When we look at the 1 week timeframe, it is clear that BHEL has given a breakout after crossing Rs 61. More than 20% returns can be expected in long term from BHEL . It can be bought now with a very small stoploss and the target being at the upper trendline of the channel pattern.



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