BHEL

Value Wave Investment update

BHEL has been moving up taking support on the 20 DMA on each pullback and subdividing into a series of extensions. We may have at least another 5 waves up to go before wave 1 can be complete. The immediate support then is at the 20 DMA near 37.40 from where the next move higher should start. The next resistance is that the minor swing high of 48 followed by a major swing high of 61.