In the previous updates it was mentioned- gap of 312-314 is important. Going below the gap- bears will come into the picture. Likely, Bharati got a hit till what levels- can you imagine 283 & what is 283- it was close to earlier low @282.30 & short term buying opportunity- how can you miss that opportunity- double bottom.
What next?
If you missed double bottom-...
Bharti Airtel has been trading in down trend from couple of months and trading in a falling wedge pattern respecting support and resistance. today it has touched resistance and unable to make breakout upward, it is not looking strong enough to make breakout instead heading towards wedge support somewhere between 284-283. Traders may wait to retest of the...
NSE:BHARTIARTL Bharti has broken below wedge pattern on a daily chart and seems to be accelerating towards 283 levels. Keep a strict stop loss of 315 and trade. Markets are volatile due to US presidential elections and you may want to take the bet after the elections, below 300 levels.
On weekly charts, Bharti Airtel is moving towards very stiff support region.
Strategy:- Cash buy now and on every fall till 280.
Small SL 265
Positional Target - 340/360 in couple of months.
If someone holding it for long time can average it out with above levels.
The stock is in downtrend making lower lows. IT has given first reversal signal forming double bottom and also divergence at this level in MACD/RSI. One can enter the long trade now as the risk is low. How far it would go only time would tell but 325 seems quite reasonable expectation.
As expected from 320-325 zone D-leg shall be done, which completes the setup for bullish harmonic pattern our key Support level is 282- which is X-wave low.
Bullish Harmonic Pattern
Larger Picture - As per larger picture -282 is very crucial as it X- Wave bottom & price invalidation level- going below 282- It will spoil the structure.
It is been observed that the price action breaks below 300 support levels on daily chart and now it shall move further down to the next support levels at 290 levels.
Target: 290
Stoploss: 325
BHARTIARTL seems to have formed double-bottom near 312 price level.
A Long trade can be initiated with StopLoss of daily close below 300 with potential target(s) of 348 and 390.
There is a potential bullish harmonic pattern - it really looks up but kindly take positions with your due diligence.
PRZ-Potential Reversal Zone is 293-310 - Target could be a substantial move to the zone 420-450 as per earlier update mentioned below
Since Year 2007 - Bharti Airtel from its high@592 has been falling & tracing a triangle in X- Wave of W-X-Y Pattern.
Its a monthly chart- which tell us that Bharti could first bounce in the zone 410-430 to get resistance from year long trendline A-C which can be the biggest hurdle for its current rally.
Let the market prove me wrong if it goes above C-wave...
