lotwalajanak

Bharti on "CUsP" of Breakout. Correct "HANDLE"ing KEEP WATCH

Long
NSE:BHARTIARTL   BHARTI AIRTEL LTD
Bharti Airtel ,

After long period of downtrend and reversal confirmation is now poised for further upmove.

As you can see from chart, Cup and Handle formation is on the edge of completion (NOT YET COMPLETE). Will complete if it closes above 500 in next 2-3 days.

RSI > 60, shows strength to move now
MACD Line cross over Signal Line.
Spurt in Volume last week.

Fibonacci 60% Resistance@500, which is exactly is the Handle Point.

Watch out if this closes above 500, be ready for TGT of 550 - 600. SL - 444 on closing basis.

Summary:
4 Bullish indicators ( RSI , MACD , Volume and Trend)
2 Resistance Indicators (FIB 60% & Handle breakout@500 pending). Watchout for closure above 500. Keep a close watch

PS
1. This idea is for education purpose and back testing only. Consult your advisor before any calls or position
2. Traders with risky appetite can take 10% position before the market lead