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Stock has witnessed a range breakout from a 2 year range of approx 169 points with big white candle having good volume.
If Stocks manages to stay above 500 levels on weekly basis, it can move towards 600 and then 700 levels.
Price action will always be the king , so keep an eye an on the price action to ride the potential rally.
Inverted Head and Shoulder is apparent on the daily chart.
Breakout has already happened on the charts.
Stocks has been opening gap up from past 6-7 trading days, and has reached near previous Falling gap , which could serve as possible resistance (43.30 - 50.20).
Stocks looks good on higher time frame (Monthly ) as well, however reversal is still not evident...
Stock formed huge hammer candle with huge volume in Oct,18, since then stock gets stabilized.
Currently trading near previous trend-line resistance.
Further confirmation required to spot reversal in the stock, till then keeping it on in the track list..
BAJAJ AUTO - Trading in a Broadening Wedge
Stock can be seen holding long term trendline ( since 2011) support.
Price Action: November candle is a bullish candle , which did not make lower low and December candle made higher low and higher high.
Harmonic Pattern: bullish Cypher -prz 2450-2250
Stock is hovering near multiple support
Fibonacci .618 @ 157
Previous top support zone @ 150-160
5 year trend-line support.
Price Action: December candle was bullish candle, and did not make a new lower low.
RSI is also turning flat.