Responsive Coppock turning Green is a good indication that long term trend is possibly getting built. We had seen similar examples from
Bharat Forge and
Reliance mrkt.co.in
Bharti Airtel Ltd's stock ( Ticker BHARTIARTL ) has been in sideways consolidation for roughly about 8 years from 2008 to 2016, with a broad range of 240 - 440/480. We have traded this range successfully with simple sideways trading strategy where you buy at the range support and sell near range top. But this time we are less inclined to get involved, at least...
Bharti Airtel could have completed a Flat pattern with wave c extension. I was expecting the up move to start at 333 in case of a regular flat (link attached). A move below the end of wave c would negate the setup and hence could be used as SL.
Do I need to see anything more ?
Broken all moving averages daily and weekly. Broken box range. Fundamentals are challenged. Tough times ahead for telecommunication industry. It should retest levels of 277 in days to come.
Double bottom and a positive hammer candlestick formation confirm buying at current levels. It signals a buy opportunity at minimum risk.
T1: 360
SL: 337
If it breaks support of 337 then it may go down to 328, keep a good watch
Now market is on strong resistance zone....and we can see Bearish Divergence on this zone.
I'll take short position on next trading session.
Short @ : 350.88
Stop Loss:374.22
Take Profit :304.18
