BHEL is in a steady downtrend since 2010 and that is easily visible in monthly charts. From 2010 high of 538, it came down to 100 in 2013. Then it made a high of 300 in 2013. Bears again stepped in and price plummeted to 90 in February, 2016.
Price thereafter went to 163 followed by a fall till 116, that happened in December 2016. Today on 15th March, 2017, price crossed earlier high of 163 and thus creating a 1-2-3 pattern in weekly chart. Please take a look at the chart for ready reference.
This is supposed to be establishment of an uptrend. Higher top and higher bottom is place. As long as price is maintained above 163, BHEL is expected to touch 200 DMA, which is somewhere around 183. Next hurdle is at 220.
Whatever may be the case, current technical scenario of BHEL is favouring the bulls.
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| One of the Navarantna trying to make a comeback |
Disclaimer - The views here expressed and the charts shared are strictly for educational purpose and not a guideline for buy or sell. The author will not be responsible for any loss, that may occur.
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