Sell Bhel with SL of 63.6 and target off 61.05 - Intraday.
Adjust trading volumes as per entry price.
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bhel shows a inside day pattern on 4hr chart,which has been broken.
it can retest the 72.10 level before taking off to the new highs.
The target will be around 74.20
lets see how this analysis goes.
BE PATIENT,TRADE SAFE
BHEL should be making some bullish move in the coming week if nifty does not do anything silly.
ideally I would recommend to buy the breakout and trade accordingly with momentum.
all the best and do share your opinion in comments.
This is weekly chart of BHEL on NSE (INDIA) with CMP @ 69.20. It looks a good shorting opportunity on the basis of following observations:
1. Please refer counter trendline/resistance line drawn on the chart which acts as resistance as shown by arrows.
2. Price retraced to 38.2% level on Fibo as shown on the chart and downtrend again resumed.
3. A symmetrical...