Bharti Airtel Support and resistance channel redrawn
Diupdate
My earlier posts about Bharti Support and resistance channel was having little problem, to get early alerts I shifted it little inside and hence in the post it does not reflect the true picture if support line is broken or not.
Here I have put it at the right area where we can see the support line is still not broken and not hourly candle closed below this line except 04 June when it went down further after that candle formation.
Please remember this support line is having a width of 15-20 points so sometimes the stocks moves up before touching the line and few times it went below the line and retraced back above the line so an hourly close below this line will be alarming.
On monthly timeframe the stock has not closed any monthly candle below low of previous month candle since Feb 23 i.e. 16+ months so shorting it for longer timeframe is not a good idea with current indicators. Overall tone is still bullish !
* It is not a trade advise but technical analysis shared based on my understanding of patterns and personal experiences, please take any trade at your own risk.
Here I have put it at the right area where we can see the support line is still not broken and not hourly candle closed below this line except 04 June when it went down further after that candle formation.
Please remember this support line is having a width of 15-20 points so sometimes the stocks moves up before touching the line and few times it went below the line and retraced back above the line so an hourly close below this line will be alarming.
On monthly timeframe the stock has not closed any monthly candle below low of previous month candle since Feb 23 i.e. 16+ months so shorting it for longer timeframe is not a good idea with current indicators. Overall tone is still bullish !
* It is not a trade advise but technical analysis shared based on my understanding of patterns and personal experiences, please take any trade at your own risk.
Trade aktif
Finally if moved up from the support line and now heading towards 1500Catatan
Bingo : Heading towards 1500 nicely :)Catatan
Again got good support form the support trendline and moved up sharplyCatatan
Nicely moved near to the upper resistance line, here if moves up then 1536, 1547 and 1625 will be the next targetsCatatan
Again could not cross the upper trendline (resistance line) and moved down to give nice 40-50 points run so farCatatan
Airtel has come out of the channel range on Aug 05 and clearly and hence the lower trendline in yellow started to act as resistance as can be seen on 06th Aug stock fell down after touching the line. Until stocks moves inside the channel again on daily closing basis this line will act as resistance.
So one can see the price action when stock is near this line and can take a short trade. Tomorrow we can see an up move across the market so keep a watch if it reaches near this line.
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