1) fundamental:- lower cruid prices reduces tyre industry raw material costing
2) Technical:- Hammer pattern formation in monthly chart
3) RSI took strong support
4) HAmmer pattern formation exactly near trendline
5) today stock gave close 224 above previous month high 223.
in weekly - it is forming staircase pattern, it is reversed from the support,
in monthly - round bottom is formed and breakout already happened.
sl - 260 (below horizontal support) 1st tgt - 342, 2nd tgt - 390
BHEL is currently at 136 levels in downtrend...
Trend reversals signals :
Postitive RSI Divergance, Bullish Hammer and Bullish Engulfing Candlestick Pattern indicates that strong uptrend trend will start..
Targets are 140/147/155/168+
Risk Reward is favourable..
Note: Do your own study before making any positions...