The indicators used on this chart suggests that BHARTIARTL will probably reverse after a strong bullish movement.
- MACD gives us a short signal
- ADX is 45.59 and after period of extended uptrend it seems that it curved down what may suggest a trend reversal which we can observe with current price action
We should wait for the price to break the support and...
BHARTI AIRTEL LTD made a new ATH on Friday
Last month price made a breakout attempt but it was a fake breakout
200 DMA holding dips
Big breakout candles, consolidation, and now on the move again
Target remains 850~
I Have study the price action of bharti airtel, i have spotted twezzer top bearish candle in 2 hrs time frame on the resistance.
This time may be reversal happen and price will be reached around 520 and then it will form a range and then it will give a price breakout
BUY BHARTI AIRTEL
BUYING PRICE : 520; SL : 500
TARGET PRICE : 690
BHARTIARTL 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.
As per Chart pattern we can expect upmove to 600 & more; If gives decisive closing above 550.
Else Can show levels below 480 if breaks rectangular support around 512.
Long above 550 or Accumulate for 700+