BHARAT HEAVY ELECTRICALS LTD - BHEL(NSE) has been forming an Ascending Triangle since May 2021. A bounce-back from the bottom boundary of the triangle can be a good buy signal, keeping the green top line of the triangle as the target. On the other hand, if a long red candle cuts the triangle downwards, an Intraday Short Selling can be performed, keeping the target as 55. Apart from the aforementioned possibilities, if a long candle cuts the green top boundary of the triangle upwards, it can be considered as an excellent long term buying opportunity, keeping the target as 333, which may yield a return of 566% in less than 2 years! A historic price movement from the blue dashed line, i.e., 50 till 333, as indicated by the yellow curved arrow sets the seal on it.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.