Bajaj auto looks bearish in the daily timeframe chart. On Tuesday, It has given a breakout but couldn't hold the supply pressure at the upper trendline of the correction parallel lines. The breakout became fakeout!
Bajaj auto has created a big belt candle and started falling. According to past performance, If the trend is weak, then the price will make set of bearish candles. Swing traders can wait for the breakout of the trendline of the wedge pattern. If it breaks down the lower trendline of the wedge pattern, we can expect a good downfall.
Targets:3603 - 3525 - 3386 and more. Invalidation: Breakout of the parallel channel. Thank you! Money_Dictators Disclaimer: This is NOT investment advice. Invest your capital at your own risk.
Sir, you had mentioned about "Belt Candle" in your BPCL analysis also (May 02) ... can U pls elaborate on this Belt Candle.. I never heard this before / both the analysis were precise & good even though I never traded.
Money_Dictators
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@Frank_New, Its called Big belt candle. You can message me to know more about it.!