NSE:TATACHEM is in an uptrend and as you can see, looks like may climb upto the levels of previous resistance if the lines hold up. Cheers !!
NSE:TATAELXSI has crossed the downward trendline but without much conviction. Soon, it may see the levels failing to hold up and might trade below the range lines. Stop loss can be maintained on the upward line.
It is been observed that the price action has previously breaks out from a channel as shown in Tata Steel chart (link given below) and then retrace back to the previous channel trend line, forming a V shaped signaling completion of retracement and now the price action shall further move down toward 1660 target levels. Risk/Reward: 1/5 Target1: 1660 Stoploss: 1800
We had very good move after the ascending triangle breakout, booked some great profits out of it and now BHEL is retesting the resistance, so I'm planning to go short if we get bearish confirmation, I'm not sure what will happen on Monday, if we get Gap Up in BHEL bcos of Nifty better we can re-think this entry strategy. If it opens in one and once bearish...