Bharat Heavy Electricals Limited has
broken the ceiling of the falling trend in the
medium long term, which indicates a
slower initial falling rate. The stock has
broken an inverse head and shoulders
formation.
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A decisive break of the neckline at approximately 75.64 will signal a further rise to 89.55 or more. The stock has marginally broken up through resistance at rupee 76.00. An established break predicts a further rise.
Volume tops and volume bottoms correspond well with tops and bottoms in the price. This strengthens the stock. The stock is overall assessed as technically positive for the medium long term.
