BHEL rallied by more than 300% since February 2023. The Multibagger stock has given stellar performance.
BHEL was up by more than 12% as on 4th March 2024.
But will the trend continue from here?
Let us look at from Elliott wave perspective
BHEL Daily chart:
BHEL is moving higher in impulse trend. The stock has rallied by more than 300% since wave (3) started higher.
Prices are currently moving in the form of wave 5 of (3). The up move has still more room to cover and we can expect the stock to reach towards the level of 295 – 300 post which we should see retracement in form of wave (4).
Over short term dips can be used as buying opportunity with 240 as immediate support.
The rally looks to be in matured stage but still buy on dips will work well for now as per the GPS (Elliott wave) of the market.
Path ahead is shown as per Elliott wave pattern and we will evaluate further as and when more price action unfolds from here.
In a nutshell, trend for BHEL is positive but the best of the trend might be behind use. Prices can move higher till 290 – 300 levels before showing retracement as long as 240 remains intact.
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