An ascending channel is the price action contained between upward sloping parallel lines. Higher highs and higher lows characterize this price pattern. Technical analysts construct an ascending channel by drawing a lower trend line that connects the swing lows, and an upper channel line that joins the swing highs.
Ascending Channels: How to Trade This Technical...
price stand at 44 moving average
taking support (4558) by pivot ....
if breaks the last day high 4670
then target will be high....
but i want to mae it at 4770.
Bajaj auto can be shorted due to the following reasons
1)M pattern formation on daily chart
2)In parallel range
3)If Breaks support zone then favorable RR
4)20& 50 EMA on an hourly chart is about to have crossover
Charts show macd divergence and with the last wee closing candles suggesting much needed correction is on the way on this stock will start shorting from 4800 and will wait till 4620. Do remember there is 140 rs dividend adjustment coming on 30th june
we can long Bajaj auto as per consolidation, morning star on bottom or trendline support and butterfly pattern on monthly time frame. In upcoming day we can see 20 % move in bajaj auto. cheers!!!
