UPDATE 1- 13TH OCTOBER 2020
Follow up on BHEL:
The stock moved below stated support- which is slightly frustrating, and also raises the question if we are dealing with a support zone instead of a level? this calls for a fresh look on the stock (red highlights).
A positive development on the hourly charts- RSI positive divergence. Price is forming lower-lows (downward sloping line on price, yellow highlight) but RSI is making higher-lows (upward sloping line on RSI, yellow highlight).
BHEL 2 HOUR CHART
______________________________________________________________________________
PUBLISHED ON: 6th OCTOBER 2020
Hello Readers!
BHEL’s hourly chart is indicating strength. It started correcting from 42.5- a strong resistance zone , and has fallen nearly 31% in the last 1.5 months.
The consolidation (sideways movement) in the price observed over the last few days is backed by a display of strength in the momentum indicator- RSI.
The relative strength indicator (RSI) is telling us \’Look ! relative to the past few days price is doing better\’ by simply by keeping its nose above 30 as highlighted in yellow. Every time RSI was below 30, BHEL\’s price kept slipping lower and lower as highlighted in red. This indicates a stop to the price slide.
BHEL is offering a great risk-reward-ratio at this level.
Current price – 29.30
Stoploss – 28.90 (-1.5%)
Targets – 34.8 (19%) , 42 (40%)
Thanks for reading.
Choose the platform you use the most and follow the link to follow Let\’s get Technical on the go!
Telegram: https://t.me/letsgettechnical
Twitter: http://bit.ly/2QLoQm6 Facebook: http://bit.ly/2RQErlN LinkedIn: https://bit.ly/2QR4ZBY
Instagram: https://goo.gl/ftYub6
You can also join the following groups for instant update
Regards,
Kavita
stock market blogstock market blogspotstock market blogsstock market blogs in indiablog on stock marketstock market blogs india indian stock market technical analysis blogbest blog for stock marketbest stock market blogstock market live blogfree stock market tips blogspot
stock market analysis blog stock market news blog stock market crash blog us stock market blogstock market technical analysis blog stock market tips blogspotstock market today blog
stock market blog sitesaustralian stock market investing blogwhat are the stock market namesfree stock market blogstock market tips blogsingapore stock market blog
best stock market analysis blogcnbc stock market blogstock market blog names
stock market blogs for beginners stock market blogs redditblog for stock market
blog about stock marketstock market blogs websitesstock market investing blog
stock market basics blogdaily stock market blog cnbc stock market live blog
stock market investment philippines blog stock market beginner blog what are some blog topics us stock market live bloghow to create stock market blogstock market hindi blog
stock market blog topicsstock market predictions blogstock market mind games blogspot
reddit stock market blogstock market astrology blogspotstock market blogger template
colombo stock market blogstock market for beginners blog
Comentários