Bharatforge Sliding From Rising Wedge

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Targets : 980-865 Sell range : 1060-1050 Stoploss : 1120 Duration : 4-5 weeks

Rationale :
The attached daily timeframe chart of BHARATFORG has been steadily moving up over the last many weeks.
After posting 52-week highs of 1175.80 (Touched on 03rd May 2017), stock has been continuously making lower tops and lower bottoms.
This week, the stock also broke the recent lows of 1085 and also staged a downside breakout of a “Rising wedge” like pattern (black ascending line) on the back of healthy volumes, which indicates that selling was intense and the stock looks set to continue the next leg of its downtrend.
Moreover, stock has closed below its important pivot levels, which signals a further downside till the next support levels.
Technical indicators are currently giving negative signals as the stock trades below the short term (13 day SMA ) and medium term (50 day SMA ) moving averages. Momentum indicators like the 14-week RSI are in decline mode and are not yet in oversold territory. Minus DI has crossed above Plus DI , which shows a negative strength.for the stock.
Negative overall technical set up in this stock is hinting at the possibility of a beginning of downside momentum in the stock price from here.
The overall negative chart and momentum pattern is suggesting a short trade setup for near term.One may look to sell this stock as per levels mentioned above.
Trade closed: stop reached
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