BHEL Share Tips, Technical Analysis Chart, Intraday Stock Trading Graph Advice - Stock has formed Triangle formation and is on the verge of bullish breakout if closes above 245. (Updated on 03rd September 2014, Wednesday).

BHEL

• As per previous report published on BHEL stock had shown weakness after breaking its support @ 220, and after that made a low around 205, but after that bears lost their grip and stock again bounced back. (Click here to see previous report published on BHEL).
• Now daily chart indicates stock had form Triangle formation this indicates BHEL to show sharp move if comes out from its formation, by looking at technical chart no1, BHEL tried earlier to break its formation on down side but failed to show major weakness and bounced back. And is now trying to breakout its formation on up side, If BHEL Closes and hold above its formation then sharp move can be seen in coming days.
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• As per chart no2, BHEL is also moving in down channel formation, and stock is now trying to come out from its down pattern, If closes and sustains above 245 then bulls may have stronger hand.
• Intraday trading tips - close watch if bhel starts trading above 245 during market hours if holds above then intraday bulls action is expecting.
• As per graph no3, stock is also facing golden ratio resistance 61.8% fibonacci retracement  @ 245, if stock closes and stays above 245 then stock looking bullish for next few trading days. and will find next resistance around 265 its recent top.
• Suggested Reading - TATA ELXSI is also facing golden ratio resistance, will favor bulls once it closes above.
• As per graph no4, stock is now trading above 50 days moving average , as long as stock holds above it will favor bulls , but once closes below 50 DMA then stock will show first sign of weakness. Close Watch.
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