BEL has been a very broad range and going nowwhere but yesterdays close had a bit of volume in it. Tomorrow if BEL crosses 182.80-182.90 levels with good volume and RSI crossing to above 70 levels im going to buy it for targets of 183.95-184.40. Stops will be at the breakout candle low. If the trade risk reward ratio is uncomfortable its better not to trade it or...
stock is in up trend now in a small range showing signs of breaking out of that range one can look into this stock above 184/ for targets towards 188/190 with sl places at 179.5
Long term Trendline BO - Weekly flag BO - Daily channel BO
The price movement are being captured beautifully by Bollinger Band and one can observe that whenever it has traded out of the band, it has given a nice opportunity to trade the reversal. We can apply the same method and short the stock by providing appropriate stop loss and look for the target of middle/lower band.
BEL showing MACD divergence, may be a good shorting time. This is also coinciding with the trend line.
Potential short may develop in the stock as it is making higher high but RSI is not supporting it and showing divergence. Its reading is also coming out of Overbought Zone. So far it is making Wolfe Wave. As if now trade has not developed yet but one can put it into the watch list to take the appropriate action timely.
BEL is in verge of break out from downward sloping channel buy above 1555 with sl at 1480 target towards 1640/1650 levels
Bharat Electronics has been trading in uptrend and trading at support of bullish channel, it may see upside from this level to target 1625 in near term of till expiry.
The stock is making higher high but RSI is making Lower Highs thus telling the forthcoming weakness. It has formed Evening Doji Star pattern today confirming the possible reversal. One can short the stock here with SL high of today. Fib .618 level seems a reasonable target.
On Pitchfork BEL is showing resistance at median line. This might further go down to touch next support levels. Level to short - 1425 (On pull back) TP: 1375 SL: 1448
On daily chart, there is a channel drawn. I am not sure if we can consider it as valid channel setup. Kindly pour in your comments. Trading strategy: 1. Buy above 1375 for Target 1 - 1400 and Target 2 - 1450. SL will be 1350 (On closing basis) 2. Sell below 1350 for Target 1 - 1300 with SL 1375 (On closing basis)
Its also looks like ascending trianlge which is a trend continuation pattern suggesting further upmove.... BEL is about to breakout from a year long consodilation.... Volume is also supporting the move....Long position can be initiated in BEL......
Bharat Electronics has been trading in uptrend in bullish channel, it has already touched the resistance and now turned towards the support of the channel, traders may enter short with a target of 1334 as first and 1320 second target in near term.
Bel has found resistance on multiple occasions at the 1400 levels and has reversed back to the channel low as depicted in the chart attached.A close above 1410 will help this stock break a key resistance zone and the stock could move towars Rs 1800 over the next 8-9 months.
Bharat Electronics has completed an A-B-C flat correction (refer to the link attached of previous post on BEL) and is headed for all time highs. If you missed the first long opportunity, then can enter again.
BEL is giving a Buy Setup.. One can go long on BEL with stoploss around 1180 and Targets around 1375. Could give a breakout and upmove soon. Happy Trading!! Siraj Hudda, CFTe Web: www.prowaveanalysis.com Skype: sirajhudda Email: contactus@prowaveanalysis.com Facebook: www.facebook.com Twitter: twitter.com LinkedIn: in.linkedin.com