BEML moving strength to strength slowly killing all those bears who were short on this counter.On daily charts it has given break out from ascending triangle targets of which comes around 1160-1170.
However stock is yet to give golden cross-over of 50 day SMA crossing 200 day SMA. So a small pullback can be there.
Read my previous post
http://marketview123.blogspot.in/2016/08/beml-update.html
On weekly charts stock is closed its 89 weekly MA(which is around 1071) . But stock will fail some resistance around 1102 which is 38.2% retracement of total fall of 1612 to 788. Only above 1102 stock can be considered for any new buying. I am holding stock from 850 levels. Traded 2-3 times and then re-entered. My last entry was at 995 and stock is now at 1079.
My final targets of for that stock are much higher from CMP. My investment positions are still intact i will not sell them for atleast next 4 months.
Disclosure; I am not a SEBI certified analyst so please consult your financial adviser before acting on this call. Further i own the stock as already mentioned.
However stock is yet to give golden cross-over of 50 day SMA crossing 200 day SMA. So a small pullback can be there.
Read my previous post
http://marketview123.blogspot.in/2016/08/beml-update.html
On weekly charts stock is closed its 89 weekly MA(which is around 1071) . But stock will fail some resistance around 1102 which is 38.2% retracement of total fall of 1612 to 788. Only above 1102 stock can be considered for any new buying. I am holding stock from 850 levels. Traded 2-3 times and then re-entered. My last entry was at 995 and stock is now at 1079.
My final targets of for that stock are much higher from CMP. My investment positions are still intact i will not sell them for atleast next 4 months.
Disclosure; I am not a SEBI certified analyst so please consult your financial adviser before acting on this call. Further i own the stock as already mentioned.
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