We have an ascending triangle pattern in BHEL and I'm expecting upside breakout today but that means doubletop will fail & gladly yesterday I didn't enter doubletop. So I'm free to enter based on triangle on any directional breakout in Bhel
If you watch closely, we have double top formation with RSI divergence within triangle.
Ascending triangles breakout in upper...
It continuing its Wave 3 and now looks much positive and bullish after new breakout from 146 levels. I believe it may touch 160-163 levels in Aug series.
Flirting with 200DMA. If breached, no resistance in sight till 163 levels. Maintain stoploss at 135.
It has shown good breakout from resistance level of 135.
THERE IS FLAG PATTERN BUY IF PRICE BREAK FLAG ON UPSIDE ..TARGETS MENTION ON CHART.
IF YOU ARE AGREE WITH MY VIEW THEN PLEASE HIT LIKE AND FOLLOW ME FOR MORE UPDATES AND IDEAS I REALLY APPRECIATE THAT.
TRADE WITH CARE
REGARDS
KING999
POINTS NOTED ON DAILY CHART,
1. Bullish Divergence of previous support
2. Trendline confirmation
3. Breaking news to support buyers, (BHEL bags 5600cr order in Tamil Nadu)
BHEL : Two in one, not only did BHEL breakout of triangle but also it completed leg D of bearish cypher pattern, now that we have reversed with big candle, i expect stock to visit breakout point of triangle which is also 61.80% FIB retracement, should turn out to be good opportunity of buy, just keep a tab for learning!
