Buy BHEL between Rs 291.75 & Rs 265. :: HDFC Sec, report

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Observation  The attached larger timeframe chart like monthly timeframe chart of BHEL (Bharat Heavy Electrical Ltd) is indicating a sustained uptrend over the last few months.  We observe a bullish head & shoulder type pattern (variation type), which is unfolding and the neck line (green up sloping line) has placed around Rs.297.00. In the last few occasions, the stock price is making attempt to stage upside breakout of the neck line.  The long term support of 50 month EMA (brown curvy line) is intact and is offering support for the stock price in the last few months.  The formation of long lower shadow of the last three months is indicating an emergence of buying interest from the lower levels, which hints at the possibility of upside breakout of the hurdle for near term.  Monthly momentum oscillator like 14 period RSI is repeatedly hitting the upper area of 60 levels and is currently placed around 60 levels. Monthly RSI moving above 60 could have positive impact on the stock price in future.  The overall positive chart pattern is suggesting a buying opportunity in BHEL Ltd for the next couple of months.

LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3011088