Today's Opening - 70
Today's High - 70
Today's Low - 67
Today's Closing - 67
The stock has hit a multi-year low with today's trade volume at 11% higher than the previous 10 days' average. This is not an encouraging sign.
The closing has been below the 5-day Exponential Moving Average for more than three months now.
The 10-day Rate Of Change continues to be negative since April last week. Also, the 2-day Relative Strength Index has continued to remain below 50% since April last week.
The 20-day Commodity Channel Index which has been negative since April last week has dropped below -100 today.
The Negative Directional Index has been stronger than the Positive Directional Index since April last week.
The 12, 26-day Moving Average Convergence Divergence has been negative since May first week and has now gone lower than -2. The 10-day Momentum has been negative since 4th June.
I'd mentioned in my post on 28th June that with the support level of 72 gone, the stock might further go down to 60. The stock is currently trying to create a base at 66-67 levels.
BHEL has dropped by more than 14% over the past one month and there are no signs of recovery. Thus, I continue to maintain my forecast of further drop till 60. Keep accumulating on dips from a long-term perspective.
If you find this post useful, you may also want to check out my latest posts on Vedanta, Tata Motors & ONGC.
Today's High - 70
Today's Low - 67
Today's Closing - 67
The stock has hit a multi-year low with today's trade volume at 11% higher than the previous 10 days' average. This is not an encouraging sign.
The closing has been below the 5-day Exponential Moving Average for more than three months now.
 |
| BHEL 180 Days 5-Day EMA Trend |
The 20-day Commodity Channel Index which has been negative since April last week has dropped below -100 today.
The Negative Directional Index has been stronger than the Positive Directional Index since April last week.
The 12, 26-day Moving Average Convergence Divergence has been negative since May first week and has now gone lower than -2. The 10-day Momentum has been negative since 4th June.
I'd mentioned in my post on 28th June that with the support level of 72 gone, the stock might further go down to 60. The stock is currently trying to create a base at 66-67 levels.
BHEL has dropped by more than 14% over the past one month and there are no signs of recovery. Thus, I continue to maintain my forecast of further drop till 60. Keep accumulating on dips from a long-term perspective.
If you find this post useful, you may also want to check out my latest posts on Vedanta, Tata Motors & ONGC.
Comments
Post a Comment