Bullish Inverted H&S Pattern BO in Bharat WiresIntroduction:
Bharat Wire Ropes Ltd. engages in the manufacture and sale of steel wire ropes, wire strands, and wire rope slings. Its products include different types of ropes including general purpose ropes, fishing, crane, structural, elevator, mining, oil and gas, and shipping ropes. It also offers mechanically spliced and hand spliced slings, earth wires, stay wires, and spiral strands. The company was founded in 1986 and is headquartered in Mumbai, India.
Analysis
A Bullish Inverted Head and Shoulder pattern is visible on the Daily chart of NSE:BHARATWIRE NSE:IWEL with huge volume.
MACD gave Positive crossover on Daily, Weekly and Monthlychart. So, expecting the momentum to continue.
One can create a fresh position in the scrip near Rs. 290-300 levels with the stoploss of Rs. 280.05 on Daily closing basis for the following targets 305.15, 312.25, 321.05, 329.15, 335.60, 342.05, 348.95 and 354.90.
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The trading ideas and analyses presented here are for educational purposes only and do not constitute financial advice. Trading and investing in financial markets involve risk. You should carefully consider your own financial situation, risk tolerance, and investment objectives before making any investment decisions.
The information provided in this analysis is based on my personal interpretation of market conditions and the available data at the time of writing. It is subject to change without notice, and I cannot guarantee the accuracy, completeness, or timeliness of the information provided.
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It is advisable to seek advice from a qualified financial professional and to conduct your own research before making any investment decisions. You should only invest funds that you can afford to lose.
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