BHEL - Approaching Key Support Zone (Swing Trade Setup)
BHEL is currently approaching a major support zone around the 220-230 range, which has held strong in the past (highlighted by the blue arrows). This zone has provided multiple bounces previously, and it will be crucial to see how the price reacts here.
Support Zone: 220-230 range
Current Price: 223.70
Entry Strategy: I’ll be watching for a bullish or green daily candle to form near the support zone. Once that happens, I’ll look for a 15-minute candle to break the high of the bullish daily candle to confirm my entry.
RSI Insight: The RSI is currently around 24.44, suggesting the stock is in oversold territory, which could increase the likelihood of a bounce from the support zone.
If the support holds and we get a confirmed bullish daily candle, combined with the RSI in oversold territory, this could set up for a solid swing trade.
Disclaimer: This post is for educational purposes only and not financial advice. Always manage your risk and trade responsibly.
Support Zone: 220-230 range
Current Price: 223.70
Entry Strategy: I’ll be watching for a bullish or green daily candle to form near the support zone. Once that happens, I’ll look for a 15-minute candle to break the high of the bullish daily candle to confirm my entry.
RSI Insight: The RSI is currently around 24.44, suggesting the stock is in oversold territory, which could increase the likelihood of a bounce from the support zone.
If the support holds and we get a confirmed bullish daily candle, combined with the RSI in oversold territory, this could set up for a solid swing trade.
Disclaimer: This post is for educational purposes only and not financial advice. Always manage your risk and trade responsibly.
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