What’s happening in Bajaj Finance (BAJFINANCE) !!
September 5, 2024
BAJFINANCE has completed Degree 1 in January 2022. This stock has been in correction since then, which can be interpreted as ongoing Degree 2.
Degree 2 is showing the nature of double correction. After the double correction, the price is now evolving in a sideways pattern.
Price can go sideways after a double correction, and this can be interpreted in quite a few ways.
One way of interpreting it is that the sideways move could represent a period of consolidation before the next impulse wave begins.
For price to break this consolidation range, it needs to move out and sustain above Rs. 7460. Post this, we may see it trying to move towards previous high of Rs. 8192.
Only after price breaks the previous high of Rs. 8192 and sustains above it for a couple of days, we can say that the new impulse wave has begun. This would also be the right time to go long OR wait for a retest and then enter the trade.
Share the name of the stock you're interested in, and we'll be more than happy to conduct a thorough analysis for you.
Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
BAJFINANCE has completed Degree 1 in January 2022. This stock has been in correction since then, which can be interpreted as ongoing Degree 2.
Degree 2 is showing the nature of double correction. After the double correction, the price is now evolving in a sideways pattern.
Price can go sideways after a double correction, and this can be interpreted in quite a few ways.
One way of interpreting it is that the sideways move could represent a period of consolidation before the next impulse wave begins.
For price to break this consolidation range, it needs to move out and sustain above Rs. 7460. Post this, we may see it trying to move towards previous high of Rs. 8192.
Only after price breaks the previous high of Rs. 8192 and sustains above it for a couple of days, we can say that the new impulse wave has begun. This would also be the right time to go long OR wait for a retest and then enter the trade.
Share the name of the stock you're interested in, and we'll be more than happy to conduct a thorough analysis for you.
Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
Disclaimer
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