Skip to main content

BHEL : Will It Make Or Break?

BHEL, since its low of 90.15, has been moving in a parallel channel line forming zigzag (5-3-5) movement on either side. Any breach of this channel's support line shall be confirmation for the stock moving further down and may breach its low of 90.15. 



However, until it breaches the channel's support line there is possibility that the stock may, sooner or later, complete its upside target which may finish with completion of another impulsive run from its recent low of 133.60 by touching or coming nearest possible to its upper resistance line.

Secondly, with the counts of complex correction there has been provided another alternate counts which suggest that the run from the low of 90.15 to its high of 182.75 was an extended flat corrective pattern. If this run was an extended flat corrective than the breach of support line or the recent low of 133.60 may confirm the same.

The fall from the high of 182.75 to 133.60 was a three wave pattern. If the stock is about to witness any further fall then it may give a sideways movement over the next few trading days and then start falling again. The stock may see resistance around 145-148 zone.

Popular posts from this blog

RPower: On The Eve Of Q4 Earnings

Reliace Power has just reversed after touching the supply line drawn in the chart connecting the two highs of 61.25 and 56.45.
The stock of RPower, before breaching out of the supply line and start new bull rally, is trying to test the patience of the investor who have been invested in the stock since the Initial Public offerings or of those who might have invested in the stock on the higher price after the listing of the stock on Indian bourses.


The stock may try to touch the upper resistance/supply line before it starts moving further down.

Disclamer:
All views, charts, comments, post or any materials of any kind discussed, published, posted and/or commented are for educational purpose only and not meant to be an advice to trade nor does it or the publisher of it guarantee any sort of return or the correctness of the post or any materials.

Undertake proper research and advice of your investment consultant before taking any trade.

Trade at your own risk.

Follow me on Twitter : @beta_…

Adani Port: Targeting Price Of 400 Or More

The Stock of Adani Port looks to be in the extended wave III , as shown in the chart, if the alternate wave count is correct. The stock is currently trading @347. The stock can see an up move targeting price of 400 or more. However, if the stock moves below the price of 317 then the stock can see further decline up to the price level of and get its support around 275-285.



It shall be noted that the stock is expected to move in the parallel channel drawn.
Disclamer:
All views, charts, comments, post or any materials of any kind discussed, published, posted and/or commented are for educational purpose only and not meant to be an advice to trade nor does it or the publisher of it guarantee any sort of return or the correctness of the post or any materials.

Undertake proper research and advice of your investment consultant before taking any trade.

Trade at your own risk.

Twitter: @beta_trade

Mothersumi : Rising Wedge/Ending Diagonal

Fellow Readers,
There has been witnessed a "Rising Wedge" pattern in the stock of MOTHERSUMI, the same has been shown in the chart. This rising wedge pattern, at first look, looks like an "Ending Diagonal" pattern. As per the EW Principle such ending diagonal patterns appear either in the final 5th wave of impulsive run or the C wave of an A-B-C corrective pattern of the stock.


Though, I am not sure about at which degree of the stock is currently trading, but the knowledge and experience that I have gained in EW Principles, considering myself still at learning stage, suggest me that the stock is currently trading in its "Intermediate" wave IV of its Primary wave 5 of its Cycle Degree wave 1 which started way behind in the month of October, 1998.
As said before, keeping in mind the rules and guidelines of EW Principles, the stock is currently trading in its Intermediate wave IV and probably forming a complex correction either in double (W-X-Y) or triple (…