BUY BHARAT FORGE CMP: 1210 TGT: 1230-1240 SL:1200 (INTRA:8/6/17)

75 0
Today was a tremendous upmove for Bharat Forge . I studied this chart yesterday and concluded that today's was going to be a make or break day. Please observe carefully how it has been in a beautiful, steady uptrend pattern. There is mid-support line as well which has time and again changed fortunes for short term traders. Note that 1210 has been shown to to be critical point here. MACD histogram and crossover suggest that upmove cannot yet be ruled out and today's volumes as well as close near day's high suggests bulls in control. This time perhaps the upper resistance line can get taken out since enough breathing was given previous to this march from previous support zone .

I am recommending targets based on ATR but feel free to book profits according to risk appetite. Also note, trailing stop loss might be be a good alternative.
Trade closed: stop reached: My stop losses got hit on this one. CNBC experts even suggested keeping SL as low as 1185. With already downside move of 11 points, ATR calculations suggest that breaching 1225 will be tough, at the risk of more downside. Better to fight another day
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