CEOShriram

BHEL - Up-Flag on Daily Chart

Long
BSE:BHEL   BHARAT HEAVY ELECTRICALS LTD
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1
BHEL was in a consolidation for almost one month after an impressive up rally. The price gave an upward breakout to the consolidation on a daily candle on 7th June 2021 and closed at Rs .77. The breakout was supported by increased volume . I anticipate the price target of Rs .106 in 12-16 daily candles. I suggest the stop loss at Rs .74. The expected risk-reward ratio is almost 1:10. The stop loss should be followed for the first 4 candles. Thereafter, the profit booking/ exit decision should be based on attainment of the price target or downward crossover of 26 EMA by 5 EMA whichever happens earlier.
NOTE: This idea is an attempt to predict the future price movement. Investment decision based on this idea shall be solely at the risk of the investor.

Comments

Buddy great analysis but factoring off the financial results needs to be considered.
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