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BEML

BEML- trading near major supportBEML is trading near 200 DEMA support of 898 and 150 DEMA support of 890. Also the 50% retracement of entire move from 783 to 1019 comes at 900. Black dotted line shows one such swing low of 888 from where counter again started moving upward. Triangular breakout gap can be seen at 865 which should hold along with 873 (61.8% retracement) to ensure validity of the upmove. If counter close below 865 then we can expect stock to retrace 100% of the entire upmove. It's a risky buy at this moment as all indicators are suggesting down move to continue. But as per Dow theory upmove can be corrected by 1/3 to 2/3 of the entire move and normally retraces to 50% of the move. However, it is to be noted that counter couldn't break previous high of 1035 to continue upward journey as per Dow theory. Traders with risk appetite for value buy can buy in 900-890 zone with strict stop loss below 860 (1/3 of move)on daily closing basis.
NSE:BEMLLong
by UnknownUnicorn4260559
BEML : ChannelAfter falsifying the inverted head & shoulder breakout, BEML is moving towards the lower end of channel which is also near to 38.2 % retracement level of entire rally from bottom to nearest top. 795 is the support on daily chart. RSI is in oversold territory. BEML has a tendency to revert towards 10 DEMA after 10-13% correction in price. Considering 10 DEMA, 785-795 acts as a perfect zone plus 10% correction from DEMA. Short term traders can buy BEML in dip at 785-795 level with stop loss below 774 for target of 880 on the upper side. Note : We have buy position in BEML.
NSE:BEMLLong
by UnknownUnicorn4260559