December 2006


Dear all ,

BHEL did not breakout on the downside on the back of pennant formations as suggested in my earlier post BHEL Pennant But i would still like t hold the “SELL” view  as i see that the stock has  bounced back  without any significant volume support at all .

 BHEL Pennant1.JPG

Would advice people with shorts to wait and watch for a few more days (3-4 days) before closing the positions. A look the BHEL charts seems to suggest or strengthen the “PENNANT/FLAG” view further .

Lets wait and watch is my suggestions to people holding shorts.

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