BHEL stock got back into momentum, rising over 6 percent on May 3 despite correction in benchmark indices. It has formed strong bullish candlestick pattern on the daily charts for yet another session, with making higher tops higher bottoms for third consecutive day.
Broadly the stock has been in an uptrend, barring intermittent small correction and consolidation, since after giving confirmation of Double Bottom formation in April when it reclaimed 200-day EMA (exponential moving average). Followed by the same, the stock gradually surpassed all key moving averages (5, 26, 50, and 100-day) as well.