Bharat Forge has been consistently following the lower channel trendline since April 2020. It came on its trendline and has shown a strong bullish swing reversal with healthy volumes.The trendline 1 which depicts how the stock was falling has also been broken. This I believe has generated a good opportunity to go long!
Along with the price action there are other reasons to go long as well:
1)The stock is has broken the 50 day EMA and is now trading above it.
2)Along with the lower trendline, the stock has bounced back up from a strong support zone.
What is the R:R you are looking at? Can you please specify the target and SL yu would put.
AKJ46
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@Pratyushbuys, Hi! I am keeping my SL at 750 and I don't have a fixed target. I'll keep trailing it with the help of trendline. But still I am expecting a target of near 900 levels