Bharti Airtel 570 is a key resistance to watch for long term
Updated
Bharti seems to be finally breaking out of the 500-520 range. The next resistance zone is 545-570.
570 will be very interesting to watch since if Bharti starts to fall from there, it might create a long term head and shoulders pattern and fall back below 400 easily.
With the payments bank news around the corner, it can go both ways. I'm staying long, for now, did a Butterfly by buying 530CE, selling 2 550PE, and buying 600CE as a hedge. This trade has no downside risk with breakeven at 570 and max profit at 550 (all for January expiry). The trade can be managed easily if it goes against us.
570 will be very interesting to watch since if Bharti starts to fall from there, it might create a long term head and shoulders pattern and fall back below 400 easily.
With the payments bank news around the corner, it can go both ways. I'm staying long, for now, did a Butterfly by buying 530CE, selling 2 550PE, and buying 600CE as a hedge. This trade has no downside risk with breakeven at 570 and max profit at 550 (all for January expiry). The trade can be managed easily if it goes against us.
Trade active
continuing to hold, Bharti broke out and hit resistance at 555 and is consolidatingNote
Airtel Touched 600 and came back, daily rsi looks heated up but more positive news and earnings to come.I made some adjustments which made my breakevens 555-602 with max profit at 580
This trade can go anywhere. Waiting for premiums to melt
Trade active
currently MTM -ve, will wait for some more time and make an adjustment
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