I am finding some weak charts out there in the Indian markets. I posted about Tata Motors earlier and now its BHEL’s turn. Yearly chart below
[click the chart to expand]
BHEL tried to crawl it’s way back up to the stiff resistance at around 235-245 range but then got hammered back down.
The volume on the last two bars on the right is picking up and on a decent up market day BHEL gave up all its gain to close in red. There is a minor support coming in at around 200 which is the previous low but I don’t think its going to hold. The RSI is in oversold territory so you might get a minor bounce but that will be the opportunity to short. I would think the RSI will show a reading above 50 and that would be an ideal time to short. I wouldn’t wait till RSI is all the way in the overbought territory this time.
Stop loss at 251.
First target 200 which will break and then just wait for the slide and take profit on any signs of exhaustion.
Good luck!
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