bhel swing trade bhel swing trade if break resistance than tgt 1 after close above tgt 1 tgt 2 possible then tgt 3 if close above tgt 2
BHEL trade ideas
BHEL Chart Analysis1. BHEL took support at the levels of 42.0 to 42.30 in October 2019. These were pre - Covid times.
2. BHEL took support at the same levels of 42.0 to 42.30 in the 1st week of Jan 2020. Again, the market has not yet started responding to the Covid pandemic.
The support was finally broken in February and BHEL reached the levels of 19.20. From there it made a reversal and entered into an UPTREND.
3. The previous support at 42.0 became a Resistance. The breakout failed. Notice the volume. It was above average but BHEL has shown higher volumes when it was recovering from the Covid Lows.
4. Again the stock failed to cross the level of 42.0 forming a DOUBLE TOP.
5.The stock then fell down to the Double Top Confirmation Line . The price behavior (wick rejections and selling pressure) here suggested that the fall was to continue.
The price fell down to form a DOUBLE BOTTOM. The Double Bottom Confirmation Line was breached and the stock entered into an UPTREND on the daily chart.
6. The price has now started forming an upward Trend Line.
7. Again a breakout (with above-average volume) from the level of 42.0 failed on 8th February 2021.
Now, the range for price movement is tightening due to the resistance at 42.0 and the trendline support. I have observed that the breakout (either way) occurs at the levels where the resistance and the trendline coincides. Let us see how it unfolds. The levels which would act as Resistance or Support when the breakout is successful is marked on the chart with Red and Green lines respectively. These levels can also be used as intermittent targets to trade.
Since I am a new trader, kindly mention anything that I have misinterpreted or have missed.
H&SBhel has broken out from inverse H&S pattern . Volume and candle , both are good on breakout. Weekly close above 45 will start higher top higher bottom structure and turn the trend to bullish. Risk can be also taken if it gives daily close abv 45 with volume.
As of now SL is 26 for H&S but once it closes abv 45 then SL will be 34 on daily closing basis. TGT will be 61 and 80
Disc : I have position in stock. It's not an investment advice to buy or sell
BHEL buy , Technical analysisI will buy BHEL because :
It has been taking support at the trend line .
It has touched the support.
So will be looking at buying opportunities.
If it breaks the support look at shorting
Entry : 35
Target : 40.8/42.1/43.7
Stop loss : 32.6
BHEL AT CRUCIAL LEVEL OF TREND RESISTANCE LINEBHEL at crucial level of both Weekly and Daily Trend line Resistance level , 4 HR RSI in overbought reason so small correction expected before moving up.
LONG BHELNSE:BHEL
Date:07-FEB-2021.
Script: #BHEL
Technical: INHS & TRENDLINE BREAKOUT
Current Market Price: 43.55
Potential Breakout: Above 45
Setup: We can expect #BHEL to show some sign of Up move above 45 as per the Pattern. Do mark these levels as alerts in your System. And we are going to witness the Power of Pattern. Targets may be 55/61 and above.
LONG INTRADAYLong above 45.10 for TGT of 46-47-48... SL 42.20 JUST A VIEW BETTER seek professional advice..
BHEL BASE FORMATIONBHEL
Note:
1. Views are personal and for educational purposes only. Recheck and take the trade as per your RR.
2. Always remember SL is your lifeline, not the big target...
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Keep an eye ladies and gentlemen. Cheers and Happy Trading.
Very Clear Breakout In BHEL . Inverse Head and Shoulder PatternCons : Market is in Downtrend but Weekly closing is Very Good.
But Chart is Good and you can trust on this pattern .
Disclaimer - Don't just trade on this pattern . Do your own Analysis.
Chart of the Week (06/02/2021)BHEL is our chart of the week and it has given a good breakout above Rs. 42.45 (which is also our Stop Loss). The stock should show good long term target (3 years) of Rs. 190, otherwise one can follow the trendlines as targets that I have drawn on the chart for shorter time frame. But it is prudent to trade on confirmation and hence I would wait for Monday/Tuesday's closing to see if these levels actually hold.
