BHEL Elliott Wave Analysis and Technical Analysis
BHEL daily chart
As shown in the daily chart, the stock is forming a higher highs and higher lows and has crossed an important resistance of 44 with volumes which is been highlighted. This breakout is very important as it also completes rounding bottom formation and its target comes to 65-67 levels which is expected to reach over medium term.
To embellish, prices which were moving in a rising black channel has moved above its resistance, which indicates in shift of angle. This happens when prices are stealth uptrend and it is suppose to move above the resistance of the channel which will now act as a support.
From Waves perspective, the stock is moving in wave iii and it is undoubtedly clear that it is an extended wave where wave iii of wave (iii) is extended and can move up till 58 levels over medium term. Followed by wave iv and then wave v which can lead to 65-67 levels.
The summation is BHEL is in stealth
uptrend and expect it to move till 58-60 levels over short to medium term, with
support at 40 levels (closing basis).
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