Bharat forge made classic inverted head & shoulder pattern on hourly chart with increasing delivery based volume.
Could be bought positionally with mentioned stoploss & target.
Waiting for the breakout after the next touch of the level. Huge player is systematically pushing the price in the spot order book towards the level. Be aware of liquidity grabs as volatility is high.
Support on $13 seems to hold for now, today a lot a volume came in the first hour pushing up the price, then the price had their retracement so on daily isn't the most bullish candle but because of volume im looking for a trade with a risk 4/1.
The target could be $22 looking for fib 0.618 of the last down movement.
On the fundamental side i read something about...
I THINK WE WILL SEE AB=CD AND OUR FINAL TARGET, D .
OUR PROFITS BEFORE FINAL TARGET CAME FROM FIBONACCI AND YOU CAN SEE THEM (TREND REVERSE POSSIBLE)
RIGHT NOW I CAN SEE SMART MONEY IN THE CHART AND HUGE VOLUME OF IT THAT WILL BE ABLE TO PUSHING AHEAD THE PRICE.
I PREFER TO SEE BREAKOUT FROM DOWN TREND ( CAN YOU SEE THE TRIANGLE ? ) AND PULLBACK FOR LONG ENTRY.
