BIL - Buy - ATH Breakout#Bhartiya International Limited - Technical Analysis Report
Current Price: 879.85
Market Overview
Bhartiya International is displaying strong bullish momentum after successfully retesting its 2017 high breakout level. The stock is currently sustaining above recent highs, indicating robust buyer interest and potential for further upside.
Technical Setup
Swing Trade Configuration:
- Entry Zone: Current levels around 880
- Stop Loss: 851.50 (below recent consolidation)
- Risk-Reward: Favorable with multiple upside targets
Price Targets:
- Near-term: 961 / 1018 / 1099 / 1253
- Long-term: 1330 / 1720
Key Technical Observations
1. **2017 High Breakout Retest:** The stock has successfully broken out and retested the 2017 high resistance, which has now converted into support. This is a classic bullish pattern indicating strength.
2. **50-period EMA Support:** Price is sustaining above the 50 EMA, confirming the uptrend remains intact.
3. **Hidden Divergence:** The chart shows hidden divergence on lower timeframes, typically indicating trend continuation - a bullish signal for swing traders.
4. **Higher Highs Formation:** The stock is consistently making higher highs, demonstrating strong momentum and buyer dominance.
Trading Strategy
The setup favors swing traders looking for medium-term gains. The retracement and previous all-time high methodology suggests a structured approach to profit booking at each target level while maintaining a trailing stop loss.
Targets based on Fibonacci retracement, previous retracement patterns, and historical ATH analysis.
**Disclaimer:** This analysis is for educational purposes only. Please conduct your own research and consult with a financial advisor before making investment decisions. Past performance does not guarantee future results.
