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BHEL Trend Reversal with Double bottom at long term Support

Long
BHARAT HEAVY ELECT (NSE:BHEL)  
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NSE:BHEL   BHARAT HEAVY ELECT
Trend Analysis Chart Patterns Beyond Technical Analysis priceaction Double Bottom
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trendanalysis chartpattern beyondta priceaction doublebottom
All observations on chart.

Stock is in bear market for many years. It formed a double bottom pattern, gave breakout with volumes & now there is a strong pullback.

Double bottom is trend reversal pattern preceded by down move. After pattern breakout trend reverses to up-move. Location of pattern is important, such patterns workout superbly when such pattern is formed at long-term supports or a strong support.

In Case of BHEL Double bottom pattern is formed at multi year supports check below.

snapshot
Trade fermée: cible de profit atteinte

Idées en relation

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