Daily chart,
BHEL has accelerated upwards and is probably on a parabolic pattern.
The last candlestick is a Shooting Star, which usually indicates reversal movement. But, it needs a next candle confirmation; Open Price below 180.25 -
The down target will be the support line (RED), 170 or 165 (2 Fibonacci levels - Uncertain!!)
Next movement should be a rebounding to the resistance line (BLUE). After crossing up, the target will be 229.9 (flag pattern)
Stop loss below the support line to be considered.
BHEL has accelerated upwards and is probably on a parabolic pattern.
The last candlestick is a Shooting Star, which usually indicates reversal movement. But, it needs a next candle confirmation; Open Price below 180.25 -
The down target will be the support line (RED), 170 or 165 (2 Fibonacci levels - Uncertain!!)
Next movement should be a rebounding to the resistance line (BLUE). After crossing up, the target will be 229.9 (flag pattern)
Stop loss below the support line to be considered.
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