I am looking currently this one is heading an counter move to its previous trend , and its moving in corrective manner
I am looking this currently is not dropping in aggressive manner its very high likely will reverse and continue to move
in the direction of the forecast target , one can look for buying May Future contract after an reversal candle on daily...
Long if it breaks the high of the previous day with a stop loss at the previous day's low.
Short if it breaks the low of the previous day with a stop loss at the previous day's high.
In case of gap up above the previous day's high or gap down below the previous day's low, please avoid buying it or selling it respectively. Follow the ending of the candle formed...
As it is evident from the daily and weekly chart, BEML has formed inverted H&S pattern. Breakout took place sometimes in the past but target of the pattern 1300 + is still to be seen. 938-927 would be the range to buy with stop loss below 900 ( daily closing). The best part is H&S which is a trend reversal pattern has been formed after a multi month bearish trend....
Inverted Head and Shoulder is an Bullish Signal spotted on BEML on Weekly Chart Analaysis. Long Position @1012
Target - ₹1155
Stop loss- ₹870
Duration- 2 to 3 Months
Long if it breaks the high of the previous day with a stop loss at the previous day's low.
In case of gap up above the previous day's high or gap down below the previous day's low, please avoid buying it or selling it respectively. Follow the ending of the candle formed in first 5 minutes and follow ORB strategy.
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BEML
