Monday, January 06, 2014

BHEL Technical chart

Hi friends,
                   Bhel is trading in a important range so ,lets see its wave count.
On daily chart we can see it failed to breakout of longterm slanting trendline.
A breakover the trendline would give the momentum and trenchange for the stock ,But
for the time being its not happening.Lets see the chart little closely on a hourly chart.
 We can see A up followed by a rangebound correction a triangle followed by a impulse
up ,Now this impulse up can be a 1 aloso of a smaller degree that we can see if stock starts
to show up strength soon,My preferred count would be we finished a abc ie W as long as
the high of 180+ holds i would look to sell rallies. 

4 comments:

Dinesh C Nagpal said...

Great analysis as usual from you. I think for now 155 appears to be an interim support for another attempt to break above 180. If that fails then 135 should be where the X/2 wave should end.

Rish said...

Yes 155 is short term support..

Rish said...

Looks bit conflicting as 2nd wave wht you saying looks like a triangle which according to elliott guidelines is not possible,Give some more time to stock so that it breaks out of this range then i think waves would give clear hints.

Rish said...

Jignesh it looks more of a triangle to me ,Any how its resisting on long term slanting trendline till that is not taken out things don't look rosy for this.

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