Bharti Airtel correction over?Hello Traders, The last trade HCLTECH given yesterday hit the first target and we are booking it in this choppy market.
The next stock is also a one to go long on as it seems the correction in bhartiartl seems to be over and done for.
There's a demand zone near 650 levels which has been tested and stock took a good demand and reversed from here, we'll try to buy after the breaking of first resistance i.e 670.
Buy Above 670
Targets mentioned in the chart above
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Any comments and critiques will be appreciated even if it's of opposite view as a trader can also be right so many times.
Airtel
BHARTI AIRTEL as on 05.09.2021SYMMETRICAL TRIANGLE FORMED !!
BREAKOUT DONE , PULLBACK DONE!!
A good move after pullback can make a new high there is a good support at 654 and retracing at that point again do check that in 15 min chart!!
If for intraday can make down gap opening and retrace and move little down but cant say actual as 654 is giving a major support !!!
There is a chance that candles to touch monthly basis demand and supply and retrace from POC so have PATIENCE!!
HIGHER PROBABILITY OF MOVING UP AS BREAKOUT CAME AFTER A YEAR!!!
TARGET=745/750
STOP LOSS=546/536
WEEKLY CHART SHOWING SAME!!
50 AND 200 EMA GIVING GOOD SUPPORT!!
FOR INTRADAY Check daily basis demand and supply AND CAN MAKE A GOOD DHORT TRADE OPTION DO CHECK 15 MIN CHART AND DO TAKE HELP OF PIVOT POINTS!!!
(The above analysis is only for study purpose do not take it as any buy or sell call)
BHARTIAIRTEL - BreakoutBHARTIARTL has been in a five month long consolidation zone from March till July. In the end of July series it has given a breakout. One can go long with an immediate target of 572.15 and 593.35 with stop loss placed at 551.45.
P.S. Extra bullishness is because of (i) impending crossover of 25EMA over 50EMA, (ii)the two hooks in the MACD chart.
Airtel - Potential BreakoutObservations :
1. Airtel has been moving downwards for a few weeks now.
2. It has tested and respected 200-EMA multiple times (more than 5 times) in such downfall
3. It is currently trading around 200-EMA
4. Volume dry up and loss of momentum can be seen, Usually it is followed by a spike in volumes and a super-move (either side)
5. After looking at candles and overall chart structure an Ascending Triangle with upper trend line + 200-EMA line can be formed. It indicates a higher probability of an UP MOVE in coming weeks
6. Along with 200-EMA, price has been respecting the Fibonacci Levels of 50% & 61.8% too. (For fibo - use weekly chart and draw fibo levels from inception of the up trend)
7. Multiple supports (demand zones) below CMP and probability of an up move after triangle breakout makes it a potential breakout candidate
Risk Reward Ratio is 2.5 times or more. (Expected Profit is 2.5 times more than expected loss)
Keep an eye on the price action. Ideal buy would be above 545/550 levels subject to high volume breakout.
Do you analysis.
Thanks
Airtel Africa Resistance Broken - All Time High In SightAirtel Africa has been in an uptrend since May 20 and has been forming bull flags with a following period of consolidation. This has happened twice in the current uptrend with each upward thrust followed by consolidation which forms an ascending triangle pattern. Price has just broken out of the 83p resistance and has since moved higher. Look for a retest of the 83p and enter a position here, however there is a risk that this price won't be seen before the next rally (see previous bull flag patterns).
Fundamentals on this company are also fantastic and they are currently yielding 5.3%, therefore offer a good long term investment.
Disclaimer: I speculated the breakout and bought in at 75p.