Is Bajaj Auto at The Tipping Point To Start Bearish Move?

forextidings Updated   
Key Level: 3631
Quick explanation:
Bajaj auto has started rejecting demand pressure.
Price is bullish above pivot level 3629, But if the price fails to break the crucial pivot , traders can go short for the following targets: 3573 - 3441 - 3345.

Detailed study:
Bajaj Auto has been forming a downtrend channel for more than 14 months. It has created an all-time high of 4361 and started its secondary downtrend move. Bajaj auto has three rejections on the upper band & lower band.
Currently, the price is on the top upper band of the parallel channel and facing resistance.
If the price fails to break the parallel channel , traders can expect a price touch on the control line.
The Control line has seven confirmation points, which validates the strength of the control line. We can see a pivot level of 3629 with five flip-flop confirmations. Bajaj auto is bullish above 3629, but the breakdown of this level will create concern for the buyers.
Trade closed: target reached:
Bajaj Auto reached the first target of 3573.


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