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Bajaj Finance Falling channel break outNSE:BAJFINANCE was on downtrend for the last four months. Which got arrested after pulling back up to Fibonacci level (.786). After consolidating there for some session started up movement and gave a clear break out above falling channel. The breakout is convincing as last 10 days volume is above 50 days average volume and also candles are wide this is a very important concept as per Volume spread analysis (VSA). Price is now reached near .50 retracement level. A clear entry opportunity was missing till now as price not retraced since BO. Hence a good Risk reward is missing. But there is chance for price retesting Fibonacci level .618 which is also a previous BO zone (6200 -6170). Then that level will provide a good support and can make a entry with very small risk, Stops can be considered at the levels of (6150 -6120). The probable targets could be 6800,7100,7000. Whenever price retrace to Fibonacci level pyramiding should be seriously considered. Trade may take 4 to 6 months to meet its objective. Good Luck
NSE:BAJFINANCELong
by Vasu_devan
BAJFINANCE Trade OpportunityThe blue color TRENDLINE that I have drawn in the chart is drawn from June 2020. As of February 18 it has been trading at a price of 7030. If you look at the chart the stock had just took SUPPORT from the blue TRENDLINE. If it consolidate there for next few days and then if it gives breakout then there is a high probability that it will go up from there. Below shown the IMPORTANT levels. ENTRY- 6800-7150 1st TARGET- 7750 2nd TARGET- 8500 STOPLOSS- 6600 THIS IS JUST FOR EDUCATIONAL PURPOSE, DO CONSULT YOUR FINANCIAL ADVISOR BEFORE INVESTING If you interested in OPTION trading check out my other post. WILL KEEP UPDATING...
NSE:BAJFINANCELong
by chartisttrader1
2
BAJFINANCE SHORT The indicators used to analyze this chart suggests that BAJFINANCE will probably reverse after a strong movement where the stock was overbought. As we can see, MACD line has just passed the signal line, indicating the presence of a bullish momentum. DMI indicator shows us that the uptrend is not strong anymore because +DM and -DM are closer than before now. And this indicate us that the uptrend is losing strength. RSI indicates that BAJAFINANCE may lose bullish momentum. Now we should wait for the price to break the support and retest it as a resistance. Therefore rejection at the resistance will be our entry price. P.S No financial advice
NSE:BAJFINANCEShort
by vf_investment