BLISSGVS's Chart: Bullish Breakout and Potential Bat Harmonic

yaashul Updated   
In this analysis, we will conduct a detailed examination of BLISS GVS's weekly chart, highlighting the breakout of the falling trendline and the potential formation of a Bat Harmonic Pattern. We will assess the potential buying opportunity for BLISS GVS based on these technical signals. Let's proceed with the analysis.

Chart Analysis:
The TradingView chart for BLISS GVS reveals significant technical factors that may impact the stock's price action.

Breakout of Falling Trendline:
BLISS GVS's weekly chart shows a clear breakout of the falling trendline three weeks ago. The breakout signals a potential reversal in the stock's downtrend, indicating increased buying interest and potential upward momentum.

Retest of Trendline:
Following the breakout, last week, the stock's price retested the previously broken falling trendline. The successful retest confirms the significance of the breakout and further strengthens the newfound support-turned-resistance level.

Potential Bat Harmonic Pattern:
There is a possible Bat Harmonic Pattern forming on the weekly chart. If the pattern completes, it could signal a potential bullish trend continuation for the stock, with a possible target of 116.

Trading Opportunity and Targets:
Considering the bullish technical signals, a potential buying opportunity may be presented for BLISS GVS. Traders may consider initiating a long position at the current market price (CMP) of ₹91.55. However, it is essential to acknowledge that the suggested stop loss at ₹83 is intended to manage potential risks.

For the targets, two potential levels are set: Target 1 at ₹109 and Target 2 at ₹116, representing potential upside targets based on the possible completion of the Bat Harmonic Pattern.

The technical analysis of BLISS GVS's weekly chart suggests a potentially bullish outlook for the stock. The breakout of the falling trendline, combined with the successful retest and the potential Bat Harmonic Pattern, indicate potential upward momentum. Traders may consider entering a long position at the CMP of ₹91.55, with a stop loss set at ₹83 and targets at ₹109 and ₹116.

As with any investment decision, caution should be exercised, and it is recommended to conduct thorough research and consult with a financial advisor before making any investment choices. Additionally, traders should closely monitor the stock's price action and consider implementing appropriate risk management strategies.
Trade closed: target reached:
Both Target 1 and 2 reached.


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