Analysis Criteria Used:
1. Please find the Chart Analysis done for the Intraday Trade Idea levels for 2nd June, 2023
2. The analysis for the Trade ideas, has been done based on Trend analysis and Chart Patterns with Volume Buildups
Focus On:
1. Always keeping your Risk Management in play
2. Using a Stop Loss; because it is your Best Friend
3. Always Plan your...
The scrip displays sound potential on a Weekly timeframe with a double bottom formation.
Volumes seem favourable, long term trend line is respected.
Entry & Targets could be as mentioned
BHARAT FORGE
CMP : 777
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Based on the analysis of Bharat Forge on the daily timeframe, a bearish head and shoulder pattern has been identified near support levels. Additionally, the hourly RSI is indicating an oversold zone. Furthermore, the stock's relative strength compared to Nifty50 is currently negative.
Traders can consider a positional 740 PE position after the previous low has...
50 day EMA has crossed 200 EMA downwards
price tested the EMA and confirmed at as resistance
weekly charts shows a bearsih engulfing pattern
MACD are bearsih
both side potential
avoid first 15min breakout
wait for 15 min candle closing
targets are marked
follow risk management
do your own analysis
do workout
do meditation
start reading book
Bharatforge is trading near its 5 months low, yesterday it touched low of 770 & bounced back from their. If it sustains above 770 in today's session,
Then its a buy with very small stoploss of 765 & mentioned targets.
Risk:Reward very much in favour of bulls.
Bharat Forge is engaged in the manufacturing and selling of forged and machined Compoundant for auto and industry sector. This qtr result was good, and some of big institutions also have given buy rating for this ticker. Well i have analyses technically, and i found that this could be a best bet to bet in short term with the target of 1000+ with stop loss of 800...
Chart pattern does insist me to go with above titled opinion
REASONS
1. Bharatforg has been trading inside Expanding triangle and currently it is under its upswing move inside the major expanding triangle.
2. In Weekly timeframe, there is a Bullish Pennant formed and Breakout has happened it seems( volume not so good )
3. Target and SL mentioned...
Bharatforg closing 883. Last 10-20 days made the range and create the consolidation move and when the breakout the range and when closing above 900 then buy with stoploss 870 then targtes are 930-970-1000+.
Buying reason.
1 --> Price create the consolidate move and range creteion.
2 --> Also 20 ema and 50 ema perform as a support.
3 --> RSI is also above 50...
