nitin495

BHEL is this channel breeakout?

NSE:BHEL   BHARAT HEAVY ELECT INR2
59 5 1
It is channel breakout in BHEL             daily in past.
How this is uptrend channel. I feel that it will come back to 120 level again though it got good support at 134 level again.
Can you please elaborate?
Reply
nitin495 PRO techkasamba
techkasamba, It seems channel is uptrend because Price make higher highs ...but channel breakout happen downside after that share price go to 117 level. yes you are right there is also good resistance at 134 level and resistance cant be broken when price is within channel.
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Well formed Up-trend Channel and you may notice a V-shape formation occurred when the price action retraces back to trendline and then went down again. Good Work
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nitin495 PRO NeeteshJain
Thanks,Neetesh...you gave such simple and fruitful article, now any one can identify Channel breakout..
+1 Reply
Thank you for your kind appreciation. Now I look forward to see more posts on channel breakout from you. Regards.
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