Bullish Piercing Line pattern – BHEL

[Balaji]

Bullish Piercing Line pattern – BHEL

Trade plan:

1. Symbol: BHEL
2. Direction: Long
3. Entry: 180
4. SL: 174 (Risk = 6)
5. Target: 186 (Reward = 6)

Reasons for qualifying bullish piercing line pattern:

1. Recent fall in price witnessed
2. Latest green bullish body cover above 50% of the previous day red bearish body
3. The bullish body opens lower than the previous day low of the bearish body
4. The upper tail is not big

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