Bharti Airtel is at a crucial resistance between 420 and 425 which it has rejected three times on the weekly chart.
A possible double bottom could be forming which coincides with declining negative price momentum and the presence of an up trendline making this an area where the stock should find some substantial support.
The RSI and MACD when analysed on the daily time frame shows us some positive signs with the stock having rejected 30 on the RSI and the MACD histogram slowing upwards.
A position could be initiated now with a strict stop loss below the 420 zone with the two resistances providing opportunities to take profits. For additional confirmation wait for a positive candlestick pattern to form to confirm the reversal.
Please let me know your thoughts on this. Happy to discuss.
A possible double bottom could be forming which coincides with declining negative price momentum and the presence of an up trendline making this an area where the stock should find some substantial support.
The RSI and MACD when analysed on the daily time frame shows us some positive signs with the stock having rejected 30 on the RSI and the MACD histogram slowing upwards.
A position could be initiated now with a strict stop loss below the 420 zone with the two resistances providing opportunities to take profits. For additional confirmation wait for a positive candlestick pattern to form to confirm the reversal.
Please let me know your thoughts on this. Happy to discuss.