Bharti Airtel - Posiibly BearishStock broke Trend line
Currently going for LL LH structure
1720 & 1740 remains to be Strong resistance area
If remains unbroken stock can head towards 1655 / 1630 area
View changes if closes above 1745
Bhartiairtelsignal
Bharti Airtel Chart Analysis !! #Airtel📈 Bharti Airtel 📉
Bharti Airtel is nicely taking support at Upward Trendline since September 2021 and starting from Jan 2022 it is facing a resistance at 730-735 zone.
This pattern is finalised as a Triangle and on verge of break out.
My View : Most likely breakout will happen on upside as it is not forming lower lows anymore.
Disclaimer : Only For Education Purpose. Consult Your Financial Advisor Before Taking Any Decision On This Analysis.
Simple Trade Setup | BHARTIARTL | 22-10-2021 [ INTRADAY]NSE:BHARTIARTL
Observations:
1) On 1 day time frame,it closed just below 21DMA.
If we apply Fib retracement for recent uptrend, then we can see that major support is at 687.90 level and major resistance is at 712.85 level range.
Today's daily candle look bearish. If tomorrow it trades below today's low then it will invite more profit booking.
Please refer below chart : 1day Time Frame.
2) On 1hr time frame we can see that it came back and trading in the parallel channel again.
Today it broke the middle trendline of it and closed below it.
It has chance to bounce back from the bottom trendline of parallel channel.
If it trades above middle trendline then it can move up till the upper trendline which will work as resistance at this moment.
Sustainable breakout of upper trendline will make it bullish again.
Sustainable breakdown of bottom trendline will make it bearish again.
Please refer below chart : 1hr Time Frame.
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Trade Setup for Date 22-10-2021:
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.
4) Avoid gap up or gap down chase. Wait and trade between levels.
Please refer below chart for levels.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.
Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.
BHARTI AIRTEL
Target:- 911
Stoploss:- 657
Taking long position because of the resistance line break by the price and close above it. Also profit target is measure based on the price range between the support and resistance level and that distance is paste on the break out level or in the resistance line, and taking the highest point as a profit target. Stoploss is just below the resistance line.
