Bharti Airtel Bullish Breakout Saying Hello
Updated
Hi friends, Hope all are you fine and doing well.
Today i have come with with a ordinary and easy to understand chart sharing with all of you.
So I am Sharing weekly chart of Indian Telecom Giant Bharti Airtel as we can see on provided chart that price is moving upwards in ascending channel and gives a parallel channel breakout after a long consolidation of fifteen weeks in channel, Earlier i observed an ascending triangle breakout too in it and after that it reached in to new range which i mentioned consolidation in parallel channel above. So we can see a buildup of fresh momentum and price can touch new heights in coming sessions.
Target Identification-:
Target identified by the upper trendline of ascending channel will act as possible barrier for it for some time and there will be a good chance for unwind the long position for sometime and will wait for a retest after profit taking.
For retest entry- After this parallel channel breakout it can retest it's channel resistance which is near about 910-905 levels.
Chart is having some educational stuff too that how can we identified Breakout patterns and how can we complete our full ride after seeing that fresh breakouts arriving one by one. by this atleast we can stop wrong exits of profit or loss bookings friends.
KINDLY NOTE-: This is not and trade or investment advice. This idea is meant for learning. Invest your capital at your own risk.
Today i have come with with a ordinary and easy to understand chart sharing with all of you.
So I am Sharing weekly chart of Indian Telecom Giant Bharti Airtel as we can see on provided chart that price is moving upwards in ascending channel and gives a parallel channel breakout after a long consolidation of fifteen weeks in channel, Earlier i observed an ascending triangle breakout too in it and after that it reached in to new range which i mentioned consolidation in parallel channel above. So we can see a buildup of fresh momentum and price can touch new heights in coming sessions.
Target Identification-:
Target identified by the upper trendline of ascending channel will act as possible barrier for it for some time and there will be a good chance for unwind the long position for sometime and will wait for a retest after profit taking.
For retest entry- After this parallel channel breakout it can retest it's channel resistance which is near about 910-905 levels.
Chart is having some educational stuff too that how can we identified Breakout patterns and how can we complete our full ride after seeing that fresh breakouts arriving one by one. by this atleast we can stop wrong exits of profit or loss bookings friends.
KINDLY NOTE-: This is not and trade or investment advice. This idea is meant for learning. Invest your capital at your own risk.
Trade active
Price retested it's resistance breakout levels successfully and exactly and gives a good bounce from there, Added retest quantity as it is my one of the favorite strategy in TA.Daily Chart retest view-:
15 Minute chart retest view-:
Again will add more if it will retest and bounce again, as market is not supported for breakouts or will add more above on ath close which it made after publication
Note
After retested it's resistance breakout levels successfully now price showing some strength from lower levels and bouncing back strongly from there. In yesterday session it gives a close above resistance which i marked on this update sharing with all of you so now we can see a fresh momentum buildup in it in coming sessions toward targets..Note
Price breaking a strong resistance friends if close above we can see a buildup of fresh momentum towards mention target, Seems get ready for a flag and pole breakout too on 2H time frameNote
Closed above marked resistance in update above, is highest ever day close by the price now i assume that it will give more bullish strength to published breakout, and almost close equal from the highest price we got at the day of publishhen after when i published this idea which i mentioned as spike in this update.Published Chart-:
Retest View-:
Price can do a retest now to it's resistance which can be act as a support for this time sharing 2 hour chart friends which i shared in update above.
2H Chart-:
Note
Price gives a highset weekly close above ever, And close above too on a very strong resistance which interrupt strongly to manage a close above for price. Now i assume that this strong resistance will act as a very strong support according to support and resistance theory friends, Like publication if you like my work and updatesNote
Yesterday price closed on a new all time high on daily chart and that close was a close above on a strong resistance marke on chart, So now from here i assume this bullish closing will give more strength to published breakout and can help price for reaching targets soon, I am considering it is a fresh breakout if price manage to sustain above marked resistance friendsNote
So mates this is second last update before the final update of target (1045 levels) now i am taking 50% profit as half way target is complete and for rest position i will trail my stop loss on my trade entry price and will wait for the final target because it gained 6% so far and i can loose this gains for the final target as discipline trader which is more 6% away from current price, One small consolidation view also sharing with this updateTrade closed: target reached
Trendline Target Update-:Price touched perfectly to the trendline target and somehow taking resistance so far from that target resistance trendline as mentioned in description that it will be a possible barrier for the price, Reached 1044 from 929 and almost completed mentioned price target of 1045 too mentioned in update above too. If trendline will break and price will show further momentum then i will publish my new trading idea for it friends, Thanks for reading and supporting my publication mates !
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