Potential short may develop in the stock as it is making higher high but RSI is not supporting it and showing divergence. Its reading is also coming out of Overbought Zone. So far it is making Wolfe Wave. As if now trade has not developed yet but one can put it into the watch list to take the appropriate action timely.
It is been observed that some stocks mentioned below having great breakouts from pattern formation on daily chart indicating a high potential returns opportunity in the coming week. Buyers are in control and will take up prices quickly from here on.
Bharti Airtel: Target-380, 400 SL- 350
BEL: Target -1700 SL 1500
Yes Bank: T1- 1550 SL- 1440
HERO: T1- 3450 SL-...
Bharat Electronics has been trading in uptrend and trading at support of bullish channel, it may see upside from this level to target 1625 in near term of till expiry.
The stock is making higher high but RSI is making Lower Highs thus telling the forthcoming weakness. It has formed Evening Doji Star pattern today confirming the possible reversal. One can short the stock here with SL high of today. Fib .618 level seems a reasonable target.
Bharat Electronics has been trading in uptrend in bullish channel, it has already touched the resistance and now turned towards the support of the channel, traders may enter short with a target of 1334 as first and 1320 second target in near term.
Bharat Electronics has completed an A-B-C flat correction (refer to the link attached of previous post on BEL) and is headed for all time highs. If you missed the first long opportunity, then can enter again.
BEL is giving a Buy Setup.. One can go long on BEL with stoploss around 1180 and Targets around 1375. Could give a breakout and upmove soon.
Happy Trading!!
Siraj Hudda, CFTe
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