as we can see the bearish engulfing pattern there and dark cloud cover there right near the resistance area an bearish divergence add to it and target till 761 levels
Trading Strategy
Going ahead - I will look to sell below 760 recent low- because that is the safest as we already had 200+ points in this stock in the last month & a hatrick.
Risky Traders can sell below 830-833 once it starts moving below with recent high as stops
This is how we moved in 2016
In below charts- click the charts & use load bar feature
2-2...
The arrow shows how we moved- Really excited at getting a hatrick move back to back with 200 + points. We close the sell trade & enjoy rest of the session. Also, adding 2nd hatrick for me -first one was 8.40 2024 Gsec which was in May-July2015- before joining TradingView.
This is how we moved in Bajaj Finance
2-2 troubles the stock - Move from 925 to 805-...
As per previous update- bounce expected between the zone 855-870- Got the hit for 867 on 15th Dec2016.
What Next?
If it starts falling below low@830- then likely it will indicate that it's looking for a new low below 805.
Related Analysis Attached Below About Bajaj Finance- Click the links below to get the chart & load the bars to see how it moved
That's amazing to get it correct again. I feel excited & motivated as Bajaj finance had a sharp fall from 925-930 zone as expected - look at the Niagara Fall- straight down from 925 to 805.
What Next?
Looking for a bounce in the zone 855-870's -if holds & starts moving below 850- shall make a new low below 805.
Click the chart & load the bars to see the...
BAJAJ Finance having trouble moving higher is making Pennant Chart pattern, Pennant pattern are mostly Continuation pattern and the earlier trend here is down trend so we can expect a downtrend continuation in bajajfinace.
Conservative Entry 874
SL 930
Targe 750
Good Risk reward trade.
Bajaj Finance has been trading in down trend and after retracing the crucial 50% fibo level it has been trading in upward direction, it closed today with bearish sign (shooting Star) and it may further touch the support before going in upward direction. traders may enter short in this stock with a target of 850 in near term.
Double Top to stop the month long rally in the stock in the zone 1175-1185 has started with a corrective structure & indices facing tough time & may this trouble carries for another 4-5 months where likely this irregular structure could complete.
2 on top in the range 1175-1185 & 2 in the bottom between 815-817 can trouble the stock in the coming days.
Short...
One can buy the stock for a target of 990. It is coming out of oversold zone made engulfing and the earlier engulfing made on 16.11.16 clearly holding the price. It seems good entry at current with affordable stop loss.
As seen Bajaj Finance has given a Double Bottom Breakout on hourly charts a few sessions back. Also, Positive reverse divergence can be seen.
Expected Levels- 910 (As per divergence), 925 (As per Double Bottom Pattern).
Double Bottom Pattern is a bullish reversal pattern, made of two consecutive bottoms. It indicates that the price has reached a support level...
All of the recent rally has been wiped off thanks to the FII outflows. It is just above the 50% Fibonacci retracement level. Closing stoploss 750. Target 1000. Return 22%; Risk 8%; Timeline Mar'17
Bajaj Finance is reversing from the resistance at the 50% retracement levels.
Also it is moving within a downward channel and is reversing from the upward end of the channel.
Logic is to go short for a target at the lower end of the channel.
Target - 950
SL - 1100
