Bajaj Fin- Double Bottom Breakout + Pos Reverse Divergence- Buy
As seen Bajaj Finance has given a Double Bottom Breakout on hourly charts a few sessions back. Also, Positive reverse divergence can be seen.
Expected Levels- 910 (As per divergence), 925 (As per Double Bottom Pattern).
Double Bottom Pattern is a bullish reversal pattern, made of two consecutive bottoms. It indicates that the price has reached a support level and is facing difficulty moving lower, indicating an upward move.
Positive Reverse Divergence is when price makes higher low and RSI makes lower low, which implies that even though RSI is weakening and making a lower low , price fails to break its previous low and forms a higher low, making it bullish.
Expected Levels- 910 (As per divergence), 925 (As per Double Bottom Pattern).
Double Bottom Pattern is a bullish reversal pattern, made of two consecutive bottoms. It indicates that the price has reached a support level and is facing difficulty moving lower, indicating an upward move.
Positive Reverse Divergence is when price makes higher low and RSI makes lower low, which implies that even though RSI is weakening and making a lower low , price fails to break its previous low and forms a higher low, making it bullish.
Comment:
target as per positive reverse divergence hit 910
Trade closed: target reached
