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BHEL Stock Price Movement Forecast




Saturday, 9 February 2013
BHEL Daily Chart

BHEL stock prices have been plummeting since the the last week of the previous month. This fall has brought the stock price down to 208 from an earlier level of around 230. While there must be several reasons for this fall, we are not really much concerned about those reasons. Our prime concern is to help our  visitors make money and hence we only focus on the analysis of  when and where we can expect to see the stock prices in the near future, instead of giving length explanations on why what happened has happened. Here is what we feel about this stock :

Camarilla levels for February 2013 suggest that the stock has moved into a L4 - L5 zone where it is expected to fall further and touch the L5 level of 201. Further downside cannot be ruled out though. There might be some support at the L5 level from where we may also see the stock bouncing back, provided the reversal is confirmed as per Gann methods. There are no Wolfe wave patterns seen on the charts. Elliott wave studies also depict a downside as we can see from the chart attached below. Both the minor and the minute waveforms clearly depict further downside for the stock.
BHEL Elliott Wave Analysis

As per Gann studies, the existing downtrend is likely to reverse on the following dates +/- 1 day :14th Feb 2013, 18th Feb 2013. 23 trading days and 28 trading days counted from the 22nd of January are also important in this respect.

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