raj.zing
Long

BHEL @ 110.75, Targets 106,112 &120

NSE:BHEL   BHARAT HEAVY ELECT
See below chart for the previous view.



Currently, BHEL can be picked for short term play as well as for Long term

Price seems to have broken out of the long term down trend at 95. Volumes are slightly on the higher side. The stock is at the verge of retracing the fall from 120.

Buy above 101.5

Targets:
106 - Approximatey 68.2% of the fall from 120
112 - Approximately 78.6% of the fall from 120
120 - The previous top

Stop Loss: 96.5
Jan 10
Trade active: Closing in on Target 1 of 106
Jan 23
Trade active: 23/Jan: CMP 104.45.
Breached 96.5 on intraday basis twice.
Price Reached a high of 107.95 in initial trades today. Volumes are picking up.

Trailing Stop Loss at 100.
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