BHELBhel taken a support in trend line..... if we see next days positive candle confirmation, then it is good to consider.
BHEL trade ideas
wave countscycle: wave 1
Primary : wave 4
Intermediate : wave C
Minor : wave 5
Target zone for Minor 5
@49.55 : 100% extention of intermediate A from B top
@47.05 : 61.8% retracement of primary wave 3
@44.35 : 123.6% extention of intermediate A from B top
If price goes below 44.50 then it would invalidate this count,as wave 4 cannot enter wave 1 zone.
Confirmation Sign's for end of primary wave 4:
1)Further from here in the target zone box if we get a reversal candle in the form of hammer,bullish pericing,bullish engulfing
2)This should be followed by a close above it's high on the next day would suggest end of primary wave 4
3)Additional confirmation would be in the form of breach of upper channel band along with volume
4)An momentum divergence on RSI or MACD
5)Price crossing and closing above 10 day SMA.
If above scenario occurs one can get long with the closing stop of low made on the reversal candle in the target area box.Target for primary wave 5 on the upside through wave 1-3 extention from wave 4 low's is coming @ 72(38.2% extention) and 86(61.8% extention)
Impulse count or labelling shown here is done by following basic elliot wave impulse rules.
Simple Trade Setup | BHEL | 20-08-2021NSE:BHEL
Observations:
1) On One Hour Time Frame, it just broke the trendline and closed above it.
Please refer Chart below: One Hour time frame.
2) On Daily time frame, it took support from the critical Zone bottom level.
Please refer Chart below: Daily time frame.
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Trade Setup for Date 20-08-2021:
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and target w.r.t price action working near that level tomorrow.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.
Go long Bharat Heavy Electricals is an integrated power plant equipment manufacturer engaged in design, engineering, manufacture, erection, testing, commissioning and servicing of a wide range of products and services for the core sectors of the economy, viz. Power, transmission, Industry, Transportation, renewable Energy, Oil & Gas and Defence.
Simple Trade Setup | BHEL | 09-08-2021NSE:BHEL
Here is simple trade setup for BHEL. Levels and chart are easy to understand.
Further if you see on daily time frame, it has formed inverted hammer pattern. So if on 09-08-2021, if it maintains the level and trade above 57.55/57.65 then it will be bullish. And if it fails to do so then it will continue it downward journey.
Do comment your doubt or suggestion.
My personal view is to wait for Monday to see how price action work and then jump in to the trade on either side.
[POSITIONAL] BHEL SHORT BET risk: Reward ratio is 1: 2
Rest as per Charts
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Note -
One of the best forms of Price Action is to not try to predict at all. Instead of that, ACT on the price. So, this chart tells “where” to act in “what direction. Unless it triggers, like, let’s say the candle doesn’t break the level which says “Buy/Sell if it breaks”, You should not buy/sell at all.
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I use shorthands for my trades.
“Positional” - means You can carry these positions and I do not see sharp volatility ahead.
“Intraday” -means You must close this position at any cost by the end of the day.
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Always follow a stop loss.
In the case of Intraday trades, it is mostly the “Low/High of the Candle”.
In the case of Positional trades, it is mostly the previous swings.
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BHELDescription is in chart itself. As GOVT. is in mood of divestment in PSE/PSUs, If government takes action in upcoming weeks than it might give fuel to the rally.
Also would like add NIFTY PSE chart as well, It is also at very crucial levels.
If resistance is taken out in further weeks than we can see a rally in PSE stocks with BHEL being a favourable and a bet with a good risk-reward ratio.
Keep SL according to you risk appetite.
NSE:CNXPSE
ONLY FOR EDUCATIONAL PURPOSE. NO RECOMMENDATIONS
Trend Reversal or Breakdown in BHEL? Currently BHEL is in no trading zone.
1) Buy if it gives weekly closing above the Demand/Supply zone i.e. 61 price level.
2) Short if it gives weekly closing below the zone i.e. 56 price level.
3) Currently it is very close to 200EMA on daily chart and it might take support from it.
4) Currently at very important 38% Fibonacci level
