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!!!
Stock has been a consolidation phase since FEB - 21. Stock is looking to break its all time highs after 2 years hence the breakout can be with force. Wait for the breakout to sustain and then trade the stock according to the plan given.
Disclaimer - Please trade as per your risk taking capabilities. Stock trading is a business and not a get rich quick scheme. ...
~All the information given in the chart is for the educational purpose only.
~Do your own research before investing.
~This is not my recommendation.
~My recommendation--LEARN MORE EARN MORE.
