Head and shoulder patter observed in BHEL.
H&S indicates a trend reversal from Bullish to Bearish. But Since Nifty is in bull run & will go upwards after minor corrections happening since past few days.
Hence I am more in favor of long setup in BHEL. Volume is gradually increasing from a couple of days.
Volume & Price action is in favor of a long setup
BHEL has formed a bullish triangle pattern on the 30 min chart. This is very favorable trade in terms of RR (3.84:1).
Looking for breakout above the previous highs from the current levels.
Buy @ 41.5
SL @ 40.5
T1 @ 44.2
T2 @ 45.1
I hope you can now see how the Bhel represents an excellent low risk profit entry setup allowing you to trade in the market.Take positions so that the risk/reward is in your favour.
Knowing why, where & when a strong reversal signal is being generated will be the only way to capitalize on your technical analysis .
Disclaimer: It should not be assumed that...
Clearly BHEL is following a trend but not able to 2 very old resistance lines, so if it shows signs to break these resistance line, a long position can be taken. For intraday and positional traders, I have drawn support and resistance lines, so trade the up trend using these drawn levels and place you targets and stop losses accordingly.
This stock has been under performing for a very very long time. It's a maharatna company, with sound financials. Watch out for break out above the resistance line and 200DMA, there's a huge volume bust too for support....
Disclaimer: The author is not registered as a securities broker-dealer or an investment adviser either with SEBI or any other government agency. All views expressed is based on the author's technical analysis. It is highlighted that Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of...
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BHEL is in a downtrend channel from 11th April with a continuous series of lower waists. But at the same time two things can be noticed here:
a. A rising shoulder pattern is forming which means if the price crosses above 27.60 then we might see a bull run.
b. Price is trying to cross the red zone and about to enter into a green zone which is also a bull sign but...
While it’s not always clear why a time and price symmetry identified a market turn, such symmetries do indeed exist.
Gann, considered the squaring of price and time his most important discovery . He called it range and time squared.
However, the proper application can be tricky.
Markets are enigmas, and this attribute demands a great deal of flexibility when...