BHARATFORG:- Stock has done breakout by giving retesting also keep your eye
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Bharat Forge looks like a strong chart in this market. Keep a stop loss at 825 and go long. Bharat Forge is an auto ancillary company and the company has three major products namely, Steel Forgings (97% of the revenues), Finished Machine Crankshafts and Front Axles Assembly and Components.
Breout after a fake breakout and retest. Nifty seems bullish, it may follow the trend.
Entry: 875
SL: 835
Target: 950
Risk: reward - 1:2
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Bharat Forge is the only stock in defense stock that has not hit all time high.
The stock is in strong upmove and it has resistance around 840.
So current target is 840 which is 5% from here. Will be trading in options.
Downside trendline will act like a very strong support if it will break you can expect a good move also if it will take support then you can go for long
This stock has given breakout of typical triangle chart pattern on daily chart, along with good intensity of volumes, this triangle pattern is typically seen at the end of complex correction in wave Z.
As per wave structure also it is showing same scenario fitting well, overall if it gives up move as a retracement only up to 61.8% of last fall since November 2021,...
Look we have already posted & our target level of 750 is already done. Now the stock is re-testing the support area again. A very high probability that stock can bounce back between the levels 742-750. on any bullish candle of 1 hour good to go long for the target of 800++. This is for your education purpose only. We provide live education. Please add the stock to...
Bharat forge seems good on weekly chart it gives breakout on falling resistance trendline and gives breakout on relative strength indicator this indicator is indicating more bullishness is coming in this stock.
CAUSE OF LONG-:
1- Breakout on falling resistance trendline
2- Breakout On relative strength indicator
Stock Name - Bharat Forge Limited
Ichimoku Cloud Setup :
1). Today's close is above the Conversion Line
2). Future Kumo is Turning Bullish
3). Chikou span is slanting upwards
All these parameters are showing bullishness at Current Market Price
and more bullishness AFTER crossing 800
#This is not Buy and Sell recommendation to any one. This is for education...
Symmetric Triangle breakout in Bharat Forge in a daily chart frame
Which is also supported by volume. wait for the following candle, It should close above 720, then Stock can see bullish rally, stock has a pretension to reach 835-850 Level.
Stop-loss 678 Range.
This is just a view not a recommendation to trade, do your own analysis before taking any...
