Disclaimer:
Trading in financial markets involves substantial risks. Consult your financial advisor before making decisions. This commentary is not a solicitation to buy or sell.
WaveTalks - Market Whispers!, can you hear them
Elliott Wave Analysis Insight
January 30, 2024: 230's to 240's
At the start of the year, BHEL's stock was trading between the 230's and 240's. Investors were cautioned about limited upside potential, especially below the 235 mark. It was predicted that the stock might regress towards the crucial level of 200.
Last Published on 30th Jan 2024
February 13, 2024: Lows of 200
True to the caution, on February 13, 2024, the stock descended to the lows of 200, sparking concerns among investors. However, BHEL managed to maintain its position above 200, offering hope for a potential recovery. A note of caution lingered - any decline below 200 could lead to a deeper plunge towards 165 & 113-120 support zone.
End of February 2024: Triangular Correction Completed
By the end of February, BHEL completed a triangular correction in its ongoing wave sequence. Despite this, caution prevailed as it was observed that Wave-E was truncated, setting the stage for a sharp rally.
March 4, 2024: Surge to 275.85
On March 4, 2024, BHEL's stock surged to 275.85, trapping traders on upside. However, the warning remained clear - maintaining above 200 it can push upside in 225-240's, while breaching 200 spelled trouble, leading to a slip towards 165 and the critical support zone of 113-120.
Post-March 5, 2024: Decline towards 206
Post-March 5, 2024, the stock experienced a decline towards 206, approaching the key support level of 200 in a an impulsive manner.
The familiar tale repeated itself - maintaining above 200 hinted at a potential upswing towards 225-240's, repeating same thing again & again.
while breaching 200 will trouble, leading to a slip towards 165 and the critical support zone of 113-120.
And so, the tale of BHEL continued, with its fluctuations and uncertainties.
From
WaveTalks
(Market Whispers!, Can you hear them)
Abhishek
Wishing you a Happy Holi-day! 🎉
Trading in financial markets involves substantial risks. Consult your financial advisor before making decisions. This commentary is not a solicitation to buy or sell.
WaveTalks - Market Whispers!, can you hear them
Elliott Wave Analysis Insight
January 30, 2024: 230's to 240's
At the start of the year, BHEL's stock was trading between the 230's and 240's. Investors were cautioned about limited upside potential, especially below the 235 mark. It was predicted that the stock might regress towards the crucial level of 200.
Last Published on 30th Jan 2024
February 13, 2024: Lows of 200
True to the caution, on February 13, 2024, the stock descended to the lows of 200, sparking concerns among investors. However, BHEL managed to maintain its position above 200, offering hope for a potential recovery. A note of caution lingered - any decline below 200 could lead to a deeper plunge towards 165 & 113-120 support zone.
End of February 2024: Triangular Correction Completed
By the end of February, BHEL completed a triangular correction in its ongoing wave sequence. Despite this, caution prevailed as it was observed that Wave-E was truncated, setting the stage for a sharp rally.
March 4, 2024: Surge to 275.85
On March 4, 2024, BHEL's stock surged to 275.85, trapping traders on upside. However, the warning remained clear - maintaining above 200 it can push upside in 225-240's, while breaching 200 spelled trouble, leading to a slip towards 165 and the critical support zone of 113-120.
Post-March 5, 2024: Decline towards 206
Post-March 5, 2024, the stock experienced a decline towards 206, approaching the key support level of 200 in a an impulsive manner.
The familiar tale repeated itself - maintaining above 200 hinted at a potential upswing towards 225-240's, repeating same thing again & again.
while breaching 200 will trouble, leading to a slip towards 165 and the critical support zone of 113-120.
And so, the tale of BHEL continued, with its fluctuations and uncertainties.
From
WaveTalks
(Market Whispers!, Can you hear them)
Abhishek
Wishing you a Happy Holi-day! 🎉
Best Regards,
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)