Bharti Airtel | Supply zone - Bulls still possess strength?Bharti Airtel has been on a good run recently. Technically, it's trading along a rising channel. The current price i.e. closing price on 4th Jul of around 362 has run the stock in to a strong resistance area spread between 360 and 365. For the recent bull trend to sustain, a break in closing basis above that resistance area is critical.
From technical stand point, right now it is an opportunity to sell short with stop above 365 and that sounds good from Risk-Reward perspective as well. So one can very well opt for that unless that area is breached as said. In the case where the resistance area is crossed, the bulls will continue steadily and the acceleration can even be higher considering the strength of that mentioned level.
Taking the above points trade plan can be as follows,
i) Sell short at current level with stop (closing basis) above 365.
ii) Long if price closes above 365 (eventually short sell's stop would be triggered) and place stop below 360.
(Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas. Trading in Stocks, Futures and Options carry risk and is not suitable for every investor. Hence it is important to do your own analysis before making any investment or trading decisions based on you personal circumstances and it is always better to take advice from professionals)
