Chart of the week. BEML. 5/2/22

2022년 2월 5일

This stock has came to my attention few months ago when it gave a breakout. However, I was waiting for the stock to retest its previous resistance. After month's consolidation I feel the stock is good enough to invest with great RR ratio. On longer time frame, it has created a beautiful rounding bottom pattern. 1900 is all time high of this stock and it was obvious for the stock to take resistance at this level. Once crossing 1900 barrier, the stock will enter in to the blue sky territory. Therefore, I would recommend this stock for buy. The Fibonacci targets are extremely aggressive, therefore, I kept a deep stop loss.

CMP - 1821 Weekly
Target - 2800, 4270 Weekly
SL - 1550 Weekly closing basis.
View - Medium to Long term (2 Years +)