praveen.bhatiya
Long

Clearly heading towards the price Zone 440/465

NSE:BHARTIARTL   BHARTI AIRTEL LTD
Price action of the stock is revealing that its downtrend is over and it wants to go up. It has broken the channel with gap today. It may get resistance at the last swing high area which can drag the price to retest the channel line that would be another opportunity to go long. One can buy the stock for a target of 440 and thereafter continue with tailing stop loss for next target of 465.
Disclaimer : All ideas and comments are my personnel view. Please take financial consultancy for trading decision.
Trade active: Long on retest.
Trade closed: stop reached
Good entry ,as myself also taking entry on retest but with less risk ..that is if close above 421 then entry for small return.
But what if close below 400 ,it will fall !!
It can make H& S Pattern !
Reply
@Mmohit, You are right but in trading we face this dilemma very often. Entry on closing above 421 is a good idea in terms of more chances but what would be stop loss in that case? It is always a trade off between risk and reward.It seems you are talking about inverse H&S pattern or I am missing something here?
Reply
MohitArora praveen.bhatiya
@praveen.bhatiya,
In this case safe stop loss would be upper trendline which will act as support as today supported. So now if breaks again trendline supprt then downtrend possible.
No, you are missing imerging H&S pattern.
See weekly chart and then see Left shoulder and HEAD has been created and Right hand Shoulders High is created , now if 436-440 is not broken then perfect Righ hand shoulder will complete the pattern.
Reply
@Mmohit, Ok thanks for bringing it to my notice.
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@Mmohit, You have mentioned that to be a valid H&S pattern it should remain below 440. Just i question is there any specific guidelines that right shoulder can not be higher to the left shoulder, Suppose it goes to the 50% level around 460 and broke the neckline would it be invalid pattern?
Reply
MohitArora praveen.bhatiya
@praveen.bhatiya,
No thats no rule but few traders prefer that one which is more reliable .
As we can use strick stop loss near resistence of 360 for short and if works then take entry for H&S pattern if it brokes neckline.
It will take longer time to perform all these chart.
Till than we can earn small amount of retun will less risk.
As per your question as well as analysis ,its perfect , but as we have seen the momentum from last 1 week and strength of buying has increased and now silent and now if it goes above 340 level then more chances for higher Target instead of H&S pattern forming.
But as seen in your chart ,trendline resistence is at 360 which can bring prices down for few days but now in long term , it will go up .
Its jusy my view.
Thanks for Analysing
Reply
@MohitArora, Thanks for reply with elaborate details.
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MohitArora praveen.bhatiya
@praveen.bhatiya,
For short term i believe that it will break 436-40 resistence and will go up based on todays support & price action.
Reply
@Mmohit, Market is supreme let's see what it wants to do.
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