Breakout with confirmation candle🤫🚀Good Morning, to all the traders I believe in you that one day you gonna make it to the top just keep doing this, so now the point is that the BHEL had given breakout with a confirmation candle in weekly chart. Now there will be two targets for BHEL which we can see from the chart the 1st target might be 108-110 because there is a resistance at that area and the 2nd target might be 125-130 if it breaks the 1st resistance. Now the main question what is stop loss area for this stock so don't worry😉 the stop loss will be around 70-71 the REASON is after breakout at 79 around that area is acting as support so we can't consider it as stop loss area what if stock comes at 79 and climb back again towards the target. So that's why I choose 70-71 as a stop loss.
Personal view/analysis.😃
BHEL trade ideas
Investment PickBHEL has given an Inverted Head and Shoulder breakout this week. Since past 5 years stock was consolidating below 82 and struggling to break this barrier. Now once can assume the down trend is over and we can expect up move in coming months. Target mentioned here are short - medium term. We will review the chart once these targets are hit.
Once can buy this stock in instalments/ SIP or on each dip. Stop loss is kept very deep as I'm expecting a huge upside. Once can change the SL as per their risk.
CMP - 83.2 W (2/6/23)
T - 100, 115 W
SL - 69 W
BHEL 15M (10/5/2023)NSE:BHEL
Hello traders ,
All important levels are drawn in the chart.Work with risk reward ratio. not taking a trade is also a trade.
A trade cant change anything keep in your mind,if you think one trade can change your life then you are doing gambling in the market.take calculated risk.
BHEL WEEKLY BREAKOUT & AT RETEST LEVEL The price breaks the trendline which is acting as strong resistance for the price and also restested the trendline breakout level and now start moves for the upside levels. Price also formed flag and pole pattern in daily timeframe and also given breakout.
#BHEL
👉Trendline Breakout & Retest in Weekly TF
👉Stock in Uptrend & Bullish Pattern
👉Flag & Pole BO on Daily TF
👉Looking good for short Term Swing
👉PSE Stocks in focus
👉Add To Your Watchlist✅
BHEL : Break the Trendline...!5 Step Analysis of BHEL
1.Stock on Daily TF we can see that from Dec.2022 stock was in downtrend and took support at 66 Level.
2. From Dec. Stock has made Flag Pattern and made double Bottom at 66 level.
3. Today Stock has given Breakout on Daily TF with high volume.
4. Stock Showing strength with strong Momentum and high volatility.
5. With the support of 66 level Enter at CMP upside move can see at 87 to 93 level in coming days.
May see a good upside side rally in BHEL.The presence of big institutions can be seen on the charts of BHEL. The big players have haunted the retailer's stop-loss from both ends. Now, a rally of 15% to 20% can be seen on the upside.
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Thank You...😊