Bhel: Long term trendline breakout triggers resumption of uptrend… ::ICICI Securities, link

Please Share::

�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��

��

-->
• The share price of Bhel reversed its prolonged downtrend of nearly four
years by resolving past the most dominant falling trend line in place since
October 2010 in the first quarter of 2014
• Structurally, the ‘V’ shaped recovery led to the faster retracement of the
last major falling segment as the 17 months decline from April 2012 high
of | 274 to August 2013 low of | 100 was completely retraced in just nine
months. The faster retracement of a major down leg signalled a change of
guard from a long term horizon
• The corrective decline unfolding since May 2014 high of | 291 saw the
stock retrace its preceding major up move from| 100 to | 291 by 50% at
October 2014 low of | 195. The presence of the medium-term rising
trendline around | 195 levels attracted fresh demand for the stock and led
to a higher bottom formation on larger degree charts highlighting
strength in the underlying trend
• The stock is well poised to embark upon its next major up move after
confirming a higher bottom at | 195. We expect the stock to head towards
| 325 levels over the medium term horizon, thus providing a favourable
reward/risk set-up to ride the up move in 2015. The 50% retracement of
the entire 2010 to 2013 decline is placed at | 325 levels, which also
coincides with the yearly high of 2012
• The long term monthly MACD oscillator is in a rising trajectory and has
just ventured into the positive territory above its trigger line, thus
supporting the overall positive trend in price
*Call has been initiated in i-Click to Gain on December 17, 2014 at 14:10 hrs

LINK
http://content.icicidirect.com/mailimages/IDirect_TechnicalOutlook_2015.pdf