Downtred
Shorting opportunity in BEML on NSE (INDIA)This is daily chart of BEML on NSE (INDIA) with CMP @ 700.45. It seems to be a good shorting opportunity based on following observations:
1. It is downtrend and price is still trading below SMA200/SMA100.
2. A trendline drawn on the chart shows resistances where price rejections are shown by arrow. Now again, price has tested this trendline and also SMA100 and showing rejection after consolidating during 12th Nov to 15th Nov 2018. Now bearing engulfing is formed on 16th Nov 2018.
3. RSI is also retracing from overbought area (similar to formation in the 1st week of Aug 2018)
4. Also price is showing retracement from 61.8%
All other observations are shown with horizontal line and arrows.
In view of above, it looks a good opportunity to short this scrip with SL @ 739 ( above the high of bearing candle on 16th Nov 2018).
Happy trading...
