This is weekly chart of BHEL on NSE (INDIA) with CMP @ 69.20. It looks a good shorting opportunity on the basis of following observations:
1. Please refer counter trendline/resistance line drawn on the chart which acts as resistance as shown by arrows.
2. Price retraced to 38.2% level on Fibo as shown on the chart and downtrend again resumed.
3. A symmetrical triangle breakout on downside was witnessed on 5th March 2018.
4. A H&S like formation is observed with breakout on 7th May 2018 and neckline was tested on 27th Aug 2018.
5. Stochastic RSI shows bearish crossover with enough cushion for it to be in oversold zone.
6. It may however find interim support in 64-65 zone and on break of this level, it is likely to fall to 42-43. Stop can be kept above previous week bullish candle
Happy trading....
1. Please refer counter trendline/resistance line drawn on the chart which acts as resistance as shown by arrows.
2. Price retraced to 38.2% level on Fibo as shown on the chart and downtrend again resumed.
3. A symmetrical triangle breakout on downside was witnessed on 5th March 2018.
4. A H&S like formation is observed with breakout on 7th May 2018 and neckline was tested on 27th Aug 2018.
5. Stochastic RSI shows bearish crossover with enough cushion for it to be in oversold zone.
6. It may however find interim support in 64-65 zone and on break of this level, it is likely to fall to 42-43. Stop can be kept above previous week bullish candle
Happy trading....