Bhel after doing a good rally has come back to test its level and retested its level .
Proper chanel pettern breakout and retest.
Proper support taken in daily timeframe .
we can expect upside move .
It can turn out to be a good swing trade .
It is for educational purpose I'm not any expert .
BHEL has given spectacular returns of 280+% in the past 1.5 year and is still looking good for the upcoming months.
It's currently facing resistance from a critical level and a breakout can be seen in the upcoming weeks providing a good swing trade.
Entry = Rs 83
Target 1 = Rs 90.20 (~08.5%)
Target 2 = Rs 105.7 (~27.1%)
Target 3 = Rs 120.8...
Things to Note:
1. Good Wide range candle
2. Volume on BO
3. Change in market structure
4. Price above 50 MA
P.S: This is NOT investment advice. This chart is meant for learning purposes only and is a part of my personal journal. Invest your capital at your own risk
Breakout of 50 will create new highs, short term target going till 76.
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Only for educational purpose.
Recently it broke 4yr trendline now showing sign of bullish trend by forminf HH and HL . Buy @42-44 if shows bullsih candle in 4hr.
You can also put a stoploss@37 if low capital.
Note: This is for educational purpose only.
There seems to be a bullish breakout from Inverse Head & Shoulders pattern. Similar breakout is seen on RSI as well. RSI above 66 indicates bullish momentum.
HOW TO FOLLOW ALGO SIGNAL:
1.Strictly use only on 1 hour time frame.
2.Wait for a ‘X’ sign before mind make up. A red ‘X’ means look for selling opportunity , a green ‘X’ means look for buying opportunity.
Taking a position:
3.Wait for an arrow before entering into any position. A red arrow on upside of a bar pointing downward means open...
I hope you can now see how 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 favor.
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...