The volumes are high in NSE: BAJAJ AUTO still failed close on green on today closing bar formation is PIN bar, RSI divergence is seen near level 65-70 RSI levels technically that's not good for continuation shorter term price may trade on down side.
Happy Trading
In my previous post i shared my view on Bajaj Auto short on false breakout with RSI Oscillator divergence, Selling level( 2990-3000) Later on price crashed from 3000 made low of 2750, Price failed to break the zone managed trade above. Today in closing price closed @ 2837.95 managed to close above. But there is no clear indication for buy still good volumes are...
bajaj auto has very strong support at2740 level
trades can be taken for buy side buy sl 2740 for target 2940
sell trade can be taken below 2740 for 2650
Stock currently at 2885 is trading at crucial support. Break of trendline can push the stock towards 2785 and below. Stop for this trade would be 2940. Macd also looks bearish
Should go long at current price, SL 2850. Tgt: 2894.
Disclaimer: I am a novice at charting and this chart is for educational purpose only. Views and opinions are welcome.
MARKET ANALYSIS: The pair has taken a major trend line support and is now moving towards the resistance level. So if the market breaks the resistance near 2981 we can reach the next major resistance near the 3125 level. So lets wait and see what the market does in the coming days. Cheers!
Head and Shoulder formation on Bajaj Auto and MACD seems strong bullish trend.
Trade:
Buy above = 2846
Target 1 = 2867
Target 2 = 2884
Stop loss = 2825
