POSSIBLE 52 WEEK HIGH BREAKOUT IN BAJAJ AUTO DAILY CHART???
In the daily chart we can observe the stock was in a major consolidation phase from past few months. Recently 3980-4050 price levels were tested multiple times. Considering the time gap between these retests, bulls are slowly gaining control. Adding to this, recently we can observe a channel breakout near the major supply zone which suggest clear upper hand of bulls.
And now stock is testing it's previous 52 Week high price 4050.
It is better to take entry when price closes above 4050 and we can see a bullish rally once price closes above 4115 with Stop-loss of 3880.All possible targets are given in the chart.
Situation 2
If it is coming for retest , we can take position around 3950 and stop-loss remains same i.e. 3880.
Take entry with proper risk reward and position sizing is also important for these kind market. Therefore wait for proper breakout candles which is supported by volume.
This is just a view, not a recommendation to trade. Do your own analysis before taking any trade.
BAJAJ_AUTO
And now stock is testing it's previous 52 Week high price 4050.
It is better to take entry when price closes above 4050 and we can see a bullish rally once price closes above 4115 with Stop-loss of 3880.All possible targets are given in the chart.
Situation 2
If it is coming for retest , we can take position around 3950 and stop-loss remains same i.e. 3880.
Take entry with proper risk reward and position sizing is also important for these kind market. Therefore wait for proper breakout candles which is supported by volume.
This is just a view, not a recommendation to trade. Do your own analysis before taking any trade.
BAJAJ_AUTO