BHEL has given a breakout above its 200MA. A possible short term uptrend is possible if it breaks the downward trend line.
POINTS TO NOTE:
1. A strong BULLISH engulfing candle has given a breakout above 200MA. This strong breakout may result in a bullish uptrend but still, we have to wait for confirmation.
2. BHEL is possibly forming a "double-bottom" pattern. A break above 65.5 and a closure above this level will confirm the bullish uptrend.
3. If BHEL gives a breakout above the downward moving trend line then an initial target of 65.5 might be possible. The 65.5 levels will act as strong resistance and break above which will result in a bullish uptrend and failing to do so will drag BHEL to its strong support around 56-57 levels.
4. Daily RSI is showing positive divergence against the price.
5. MACD is hovering above the signal line but it is still below the Zero line. If the MACD cuts above the Zero line then a possible uptrend is on the table.
I recommend waiting for a while till the situation gets more clear.
THOSE ARE MY VIEWS AND ARE ONLY FOR KNOWLEDGE PURPOSES, PLEASE ACT WISELY.
POINTS TO NOTE:
1. A strong BULLISH engulfing candle has given a breakout above 200MA. This strong breakout may result in a bullish uptrend but still, we have to wait for confirmation.
2. BHEL is possibly forming a "double-bottom" pattern. A break above 65.5 and a closure above this level will confirm the bullish uptrend.
3. If BHEL gives a breakout above the downward moving trend line then an initial target of 65.5 might be possible. The 65.5 levels will act as strong resistance and break above which will result in a bullish uptrend and failing to do so will drag BHEL to its strong support around 56-57 levels.
4. Daily RSI is showing positive divergence against the price.
5. MACD is hovering above the signal line but it is still below the Zero line. If the MACD cuts above the Zero line then a possible uptrend is on the table.
I recommend waiting for a while till the situation gets more clear.
THOSE ARE MY VIEWS AND ARE ONLY FOR KNOWLEDGE PURPOSES, PLEASE ACT WISELY.