Chart Check: BHEL sees breakout from falling trendline resistance on quarterly charts; time to buy?

Bharat Heavy Electricals (BHEL) stock has risen over 10% in the past three months, leading to a breakout above a falling trendline resistance on quarterly charts. Experts suggest that this will allow the stock to rise towards 100 levels in the next three to six months. The monthly chart shows that BHEL has formed a flag pattern, which is viewed as “a bullish continuation pattern.” The Relative Strength Index (RSI) is at 62.5, which is currently positive. According to Technical Analyst Kapil Shah, BHEL’s stock is looking positive in the medium term, with an upside move to Rs 108 level with a stop loss of Rs 78.

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