very illogical for a bearish bat to function there needs to be RSI divergence as well as low volume on chart. instead there is big big green candles forming on bhel near 50 and there is signs of accumulation happening at higher levels in 50-56 range stock is getting ready to break out after 56 towards 70 rs you will see 70 rs in a month or 2 or 3 maybe
salilgarga
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@Kakerot, apart from the "illogical" comment; your analysis is correct. However, that does not mean the stock cannot correct more before moving to 60 or more.... It is also possible that it touches 60 and then corrects....
Kakerot
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@salilgarga, dont worry i am i dont trade in psus, but due to indian government initiative undervalued PSUs should be look for buy oppoertunity.
salilgarga
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@Kakerot, but this was a live trade for me. Had bought at 38 and booked profit after signal of reversal. Will buy again on reversal signal...
Kakerot
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@salilgarga, what app do you use for the signal of reversal or is it just your read?
salilgarga
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@Kakerot, my read of different technical signals...
salilgarga
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@Kakerot, Target 1 done. Now you can accumulate :)