BEML cmp:3356.55; RSI: 62.13
As per wave analysis, beml has completed ABC correction pattern and at verge of breakout. Two consecutive clouser of beml above 3357 level with volume should confirm the breakout.
New position can be taken upon breakout confirmation for the next possible short, mid and long term tragets as below:
short term target: 3475; mid term...
1. rsi should should be above 55
2. atr based supper trend positive
3. rs should be positive
if rsi and atr supper trend is positive and rs is negative than make sure rs is above bullish trend
if above conditions are verified then do trend line and volume analysis to make a buy decision.
Expecting a five wave move.
the stock can move towards 3770.
then may pause and test 3250-3350 zone, and then the last wave can take to 4037-4450 levels
All this is expected before March'24.
so lets watch it closely
BEML Ltd. is the leading manufacturer of heavy earth moving equipment in Asia and an Indian Public Sector Company under the Ministry of Defence, Govt. of India. It is a Mini Ratna Public Sector Enterprise, operating in three distinct business verticals namely Mining & Construction, Defence & Aerospace and Rail & Metro. BEML Ltd. CMP is 3091.05.
The Negative...
BEML is looking good for swing after trendline breakout and swing breakout. Wait for the levels to break. Target is around 8-9% is up side. Keep an eye on it. Only for educational purpose.
BEML
DAILY TIMEFRAME
Note Please leave comments for any query.
Disclaimer This is my trading experience, it is not an invite or recommendation to trade.
Best Wishes
PRABHUMAYAKANNAN
Another Mining related stock loos great for the next leg of rally.
Good RR being seen as the SL is just below 2700 and the targets are marked accordingly (follow the blue levels)
BEML Ltd manufactures a wide range of heavy earthmoving equipment catering to the mining and construction industry, vehicles for defense forces and coaches for the metro and Indian Railways.
This is not a buy sell recommendation please ask your fin. advisor for more information before going for a trade.
BEML was up almost 8% up today showing a strong rise with huge volume support.
It not only broke the resistance but also closed above it.
I've tried my best to PIN DOWN Entry, Accumulating Zone, Stop Loss, Target.
Hope you will find it worthy of your attention.
NSE:BEML
One Can Enter Now ! Or Wait for Retest of the Trendline (BO) Or wait For better R:R ratio
Note :
1.One Can Go long with a Strict SL below the Trendline or Swing Low of Daily Candle.
2. Close, should be good and Clean.
3. R:R ratio should be 1 :2 minimum
4. Plan as per your RISK appetite
Disclaimer : You are responsible for your Profits and loss,...
