stock is in up trend
underwent correction
finding support around 1160
stock might move towards 1215/1230/1244
as long as it holds above 1170
momentum might pick up above 1185
Today was a tremendous upmove for Bharat Forge. I studied this chart yesterday and concluded that today's was going to be a make or break day. Please observe carefully how it has been in a beautiful, steady uptrend pattern. There is mid-support line as well which has time and again changed fortunes for short term traders. Note that 1210 has been shown to to be...
The stock is at cmp 1144; In medium term frame the oscillators are showing positive momentum ahead. MACD indicator is the daily charts has just gave a positive crossover yesterday after dipping below zero line which is a big positive sign. Stock seems can touch 1210/1260/1330. Stop placed at 1085.
My counts are marked. i believe that we are in the 5th wave of larger degree and we have done the 61.8% target of 1097 and is already extended.. if this is..then we may correct this 5 wave up move and head for 900 or so .. !!
Please do provide your comment on how these counts sound? or if you are working with a different counts ?
SL, Targets etc.. are on the chart
There we have simple channeling in Bharat Forge and if the breakout happens as expected we will see new high. Though the potential Double top is not eliminated there are chances for that to fail due to the Bull run, so one may take chance even after the DT failure, but both entries are aggressive only. So Plan your risk first :)
Targets : 980-865 Sell range : 1060-1050 Stoploss : 1120 Duration : 4-5 weeks
Rationale :
The attached daily timeframe chart of BHARATFORG has been steadily moving up over the last many weeks.
After posting 52-week highs of 1175.80 (Touched on 03rd May 2017), stock has been continuously making lower tops and lower bottoms.
This week, the stock...
stock underwent a correction
now appears will re test the previous highs
one can look for tgt ranging from 1161 to 1193
sl depends on individual traders
I could draw an ascending triangle @ 15 min interval. Buy price 1125. Stop loss 1119.
Target: 1) respect the resistance line. (Sell 50 %)
Target 2) Go long if the price breaks resistance line. target 1148
SK
stock is in up trend
now in consolidation mode
in that forming a interesting chart formation
keep a watch above 1098 levels
up trend might resume
targets will post later
follow up of earlier post with revised target for long term 1250/1300 since the stock has given fresh break out (rounding bottom formation is getting completed)
Bharatforge is giving a long breakout and is moving in a arc pattern.
It can give a nice move from here and a level of 1350 can be seen soon with the sl of 1010
