Bhushan Steel Ltd. CMP - Rs 455.85
Technical Outlook & Trading Strategy:-
The share price movement of Bhushan Steel appears to be taking form of an Inverted Head & Shoulder pattern. An inverted Head & Shoulder is a bullish pattern as it is associated with strong price up move once the share price records a breakout from its neckline. In the case of Bhushan Steel the neckline is placed at the levels of Rs 461. The measuring implications of the pattern suggest that following a breakout the share price could head towards the following price levels: Rs 471 / Rs 485 / Rs 500.
We recommend traders to buy at current price with a stoploss placed below Rs 442.40 levels for the above mentioned targets.
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