AbhishekHSinghCMT

Bhel- Pullback done@162.90-Important Swing High

Short
AbhishekHSinghCMT Updated   
NSE:BHEL   BHARAT HEAVY ELECT
11
Bhel has started an impulsive fall from highs@300 in Feb2015. from recent lows@90.15 -This wave sequence divides into 3- wave structure W-X-Y . Where Y-wave has achieved equality with W-wave@162.90 approx.

Trading Strategy-1
Either we should get the break of 113.75 -X-Wave Low to confirm that Bhel has put the top@162.90- In that case we shall see Bhel going below 90.15 low as well.

Trading Strategy-2
Likely we should wait for a pullback in the zone 145-155 -Most Important -High of 162.90 should be intact as that is critical level as if now. Once we see the pullback & get some bearish confirmation then with a stop slightly above 162.90 - we shall use all the weapons in our arsenal to take short positions.

Regards,
Abhishek H. Singh, CMT
Trade active: 12:00 Hrs 3rd Jan2016

Last Price@122

Post 135 - a pullback was seen right in the black hole 145-155 -making a top@146 & later falling to 116.10 -recent low.

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw

Twitter Handle
https://twitter.com/TalksWave

Telegram Handle
(Deleted)
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.