Bharat Forge - Bullish Popgun Pattern near strong S&D AreaVolume Price Analysis
Below are the findings on the basis of Volume Price Analysis on NSE:BHARATFORG
Stock is clearly on pullback structure formation till it breaks the low of WRC "A" with at-least average volume.
Once the low of WRC "A" is broken down, stock will also out form the ascending parallel channel . And it may be either for excess trade or real-broke-down.
Volumes are the important pillars to give a clear hint of price activity. So, we will keep close monitoring on it in coming time.
For Smaller Opportunities (Day Trading Setup)
Considering the Bullish Popgun Pattern on Daily Time fame chart, we may plan for a setup: -
Entry - 462.5 above if price get sustained
Resistance(S&D area) is around 472
Next Strongest Resistance(S&D area) is around 487-490.
Note:
Whenever you study, do it with all angles, open-minded and unbiased; And considering this thought, we should also have view of: -
Sometimes near or at Strong S&D area direction movement get halted, paused and even throw-back. Considering this, one need to be very cautions on it as it may or mayn't be that throw-back!
All this information is just for knowledge purposes and not for trade.
Bharatforge
Bharat Forge - Perfect Example of .618 Bullish Retracement .618 Fibonacci Retracement
Most Popular Retracement
Important retracement for a stock that is selling off after completing a good Rally.
#BharatForge is a perfect example of .618 Bullish Retracement and its amazing to see how prices rallied after hitting .618 retracement
Trade Consideration ( Refer Chart )
Point #1 : A good rally
Point #2 : A sharp Sell-off
Point #3 : Exhaustion Candle with huge volume at .618 Retracement Support ( First Clue from Pure Price Action )
Point #4 : Hammer/Key Reversal Candle with huge volume at .618 Retracement Support ( Second Clue from Pure Price Action )
Point #5 : Huge Volume at two important Reversal Candles ( Exhaustion followed by Reversal )
Assignment for Learners: Identify .618 Retracement on daily chart and post in the comment section
If you have Any Questions, please feel free to ask in the comment section below
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Bharatforg 03 July 2020Bharatforg 03 July 2020
Buy BHARATFORG @ 348.50
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BHARAT FORGE - Self Explanatory chartsBHARAT FORGE - Self Explanatory charts
If the stock has reversed , then any dips/correction in the stocks will be absorbed in the 280 - 310 zone.
Trade type : Positional
if Breaks out - above 400
if Corrects - in the range of 280-310
This view will be negated below 260 levels.