Bhel: In an expanding Triangle

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Triangle is always difficult to trade as prices continue to stay in a same range. However, in expanding triangle, the previous highs and the previous lows are taken out which makes traders confuse about the trend.

As per wave theory, Prices are moving in an expanding triangle which have five waves in it (a-b-c-d-e). It seems that the last leg of the expanding triangle is over and the next leg on the downside will resume. Prices can test 265 levels or even lower in near term.

In short, BHEL is expected to test the level of 265 or even lower in near term.




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