Significant breakout in BHARAT FORG.

BullishLine Updated   
Good evening guys! Here is the analysis Of Bharat forge.

>>It's a neat and clean rectangle pattern breakout in Bharat Forge.

>>As we can see from the weekly time frame, it has been forming a strong resistance and support for the past two years.

>>Today, it has given a breakout because Q1 earnings were released, and the company has performed remarkably well. The company is witnessing its highest sales ever, and its fundamentals seem promising.

>>Now, talking about the breakout, even after breaking the trend line, its volume was not up to the mark.

>>The entry would depend on two scenarios: First, we can wait for the candle to pull back a little; if it does, it could be a great time to take a position.

>>Secondly, if we find that instead of coming down, it is sustaining above, it could again be a good time to consider aggregation.

>>There's a strong trendline above the breakout line. There's a good chance that it might retest the larger trendline. We can aim for a 10% gain while setting a 10% stop loss.

Additionally, I've noticed that some people become impatient when the price starts moving sideways. Always remember the reasoning behind your trade and stick to it. Stay disciplined, and make sure you have a proper stop loss in place.

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Needless to say this was for completely educational purpose do consult your finance advisor before investing.
Trade closed: target reached:
Finally Patience paid off with 15% profit. Purchased at 950 when it retraced back. Exited with whole quantity as stock has retested its major resistance line.


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