Karu142

Bharti Airtel - Is this the end of correction

Long
NSE:BHARTIARTL   BHARTI AIRTEL LTD
After going through the chart if can be depicted that the correction is over and it may start an upward journey again.

In the chart a 'W' pattern can form, lets see if the analysis goes correct or not. If i am correct then we may see the price in uptrend.

If the next candle closes above 488 then go long with stop loss of 465.
Comment: If today this closes above 488 then buy...hope for the best !!!!
Comment: 488-490 is a resistance crossing 490 will confirm the uptrend

Comments

the correction of Bharti from 600 to 480 has formed multiple resistances, so any upmove not backed by heavy volumes will be sell on rise. now below 465 the down side is huge till 361.
lets see how the script behave as market is also facing resistance at the top now.
Reply
Karu142 QuackStocks
@QuackStocks, thanks for the feedback...Bharti Airtel should not close below 488 on monthly basis because if we see the monthly chart the break out of Cup and Handle pattern took place at this level...so it is my gut feeling that it may reverse from this level by taking support from 488. I may be wrong as market don't move as per our thinking
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