BHEL share price today: Bharat Heavy Electricals Limited (BHEL) shares have rally a six percent rally in the last five sessions. Multibagger Defense PSU Stock is currently trading 201.9 and recently formed an inverted head and shoulder pattern on the daily chart.
The stock is on the verge of a breakout with significant volume, indicating the speed of strong boom. This inverted pattern has emerged at the bottom of the trend, reversing a possible tendency. If the stock manages to shut down 202.5, it can move up to a strong upward in short term, with a target 229.7. on the downside, 198 will act as an immediate support level, and any dip on this level can be considered a purchase opportunity.
The RSI on the daily chart is at 54.8, rebounding from the oversold zone, which strengthens the reversal signal. Additionally, BHEL is trading above 20 EMA and has 100 EMA, which stands 203.2. A continuous move above this level will confirm and rapid prejudice and increase the possibility of an extended uptrend.
At the present level 201.9, Stock offers a favorable purchase opportunity for traders. A stop-loss can be kept 188 to manage negative risk, while the opposite target remains 229.7, align with wide uptrend and reversal signal. This setup provides a strong risk-inam ratio for status traders that are looking to faster the brakeout.
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