Bajaj auto looks bearish in the daily timeframe chart. On Tuesday, It has given a breakout but couldn't hold the supply pressure at the upper trendline of the correction parallel lines.
The breakout became fakeout!
Bajaj auto has created a big belt candle and started falling. According to past performance, If the trend is weak, then the price will make set of bearish candles.
Swing traders can wait for the breakout of the trendline of the wedge pattern. If it breaks down the lower trendline of the wedge pattern, we can expect a good downfall.
Targets: 3603 - 3525 - 3386 and more.
Invalidation: Breakout of the parallel channel.
Thank you!
Money_Dictators
Disclaimer: This is NOT investment advice. Invest your capital at your own risk.
The breakout became fakeout!
Bajaj auto has created a big belt candle and started falling. According to past performance, If the trend is weak, then the price will make set of bearish candles.
Swing traders can wait for the breakout of the trendline of the wedge pattern. If it breaks down the lower trendline of the wedge pattern, we can expect a good downfall.
Targets: 3603 - 3525 - 3386 and more.
Invalidation: Breakout of the parallel channel.
Thank you!
Money_Dictators
Disclaimer: This is NOT investment advice. Invest your capital at your own risk.
Note
Target 1: 3603Trade closed: target reached
Target 2: 3525
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Disclaimer
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We're about to hit 2,000 followers on TradingView! 🚀
Special discount on our pricing plans! 🎉 - t.me/moneydictators
For Premium Research and Elliott wave Guidance: t.me/warlockmd
Special discount on our pricing plans! 🎉 - t.me/moneydictators
For Premium Research and Elliott wave Guidance: t.me/warlockmd
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.