BHEL bottomed out by posting an intra-week low of Rs. 984.10 during the week ended 31st October 2008 The scrip launched into an intermediate uptrend, and rallied to peak at an intra-week high of Rs. 1527.65 during the week ended 14th November 2008. BHEL couldn’t sustain these levels for long, entered a corrective phase, declined to post an intra-week low of Rs. 1160.00 during the week ended 21st November 2008. The scrip commenced its uprrend from here, rallied after almost receiving support from the 05 Week EMA, once again launched into an medium term uprrend which later converted into a long term uptrend, started moving within the confines of an upward sloping channel, rallied to peak at an intra-week high of Rs. 2385.50 during the week ended 12th June 2009 only to enter a sideways corrective phase. The scrip rallied to peak at an intra-week high of Rs. 2550.00 during the week ended 17th Oct. 2009. Currently BHEL seems set to stage an upmove after what can only he described as a prolonged weekly correction, the mechanical indicators are supporting the move and with even the weekly picture looking better, a further upside from these levels cannot be ruled out.
Related posts: