Bajaj Finance Price Action Analysis - Aug-2022
In Daily time frame Bajaj Finance was observed in the Descending Broadening Wedge Pattern
A Descending Broadening Wedge Pattern is a chart pattern formed from two downward trendlines in the form wedge shape, above and below a price representing resistance and support levels. The Descending Broadening Wedge Pattern is also known as a falling broadening wedge pattern. The upper line is identified first, as running along with the highs and is called the trendline. When the price is around the upper trend line, look for short opportunities, although aggressive traders could trade long and short at both trend lines looking for a bounce or pullback.
From the chart above, we can clearly see that the trend is getting a break with good volume and a strong uptrend. It shows more bullishness in the current trend structure
Currently, Bjajaj FInance is at Rs7209. If the pattern continues, the price of Bajaj FInance might reach the resistance level of Rs 8041 If the trend reverses, then the price of Bajaj Finance may fall to Rs 5930
A Descending Broadening Wedge Pattern is a chart pattern formed from two downward trendlines in the form wedge shape, above and below a price representing resistance and support levels. The Descending Broadening Wedge Pattern is also known as a falling broadening wedge pattern. The upper line is identified first, as running along with the highs and is called the trendline. When the price is around the upper trend line, look for short opportunities, although aggressive traders could trade long and short at both trend lines looking for a bounce or pullback.
From the chart above, we can clearly see that the trend is getting a break with good volume and a strong uptrend. It shows more bullishness in the current trend structure
Currently, Bjajaj FInance is at Rs7209. If the pattern continues, the price of Bajaj FInance might reach the resistance level of Rs 8041 If the trend reverses, then the price of Bajaj Finance may fall to Rs 5930
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