UNITED SPIRITS IS FORMING A SYMMETRICAL TRIANGLE PATTERN IN MONTHLY TIME FRAME AND CAN BE WATCHED OUT FOR POSITIONAL TRADING.
ITS HAVING CLEAR SUPPORT FROM AGGRESSIVE BUYERS IN THE LOWER TRENDLINE AND OVERALL ITS IN AN UPTREND. AND THERE IS A HIGH CHANCE OF BREAKOUT IN THE NEAR TERM.
IT HAS FORMED A BIG BEARISH MARUBOZU CANDLE IN MONTHLY TIME FRAME ON MARCH...
BHEL was on a downtrend for the past two months and 200 EMA was acting as a dynamic resistance and it was tested two times before todays breakout with high volume . And it was creating higher lows from November 4th.
ABOVE 30 BHEL looks bullish.
Looking bullish after getting good support at lower trend line.
Volume of green candles are relatively higher than those of red candles' volume, hence showing bullishness.
106.4 acting as a good resistance. Ensure this point is broken with good volumes.
Entry 107.8
Target 118
Stop-loss at 102.30
