Bharti Airtel Trading Near Major Resistance
17 September 2008
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CMP : Rs 770
Inference from 15 min Charts(15days)
This is the chart is like to produce this time. It is a 15 min chart of Bharti Airtel.
In My Last post about Bharti Airtel i said that Bharti is repeating a pattern called
H-R1-R2-L-H-R1-R2-L for the past 1 Year. And following the same trend this time.
In My Last post about Bharti Airtel i said that Bharti is repeating a pattern called
H-R1-R2-L-H-R1-R2-L for the past 1 Year. And following the same trend this time.
Iam this time able to spot the retracemnt Point R2 as shown in fig. Remember in
my last posting i said that R1 and R2 are the good points to short. And ofcouse R2
will be followed by new low L.
From the 15 day – 15 min chart i found that the past low comes near 695 and the
new Low Shoud be anywhere below the Past low 695. As the 1 Year Trend Channel
for the Bharti is in downtrend. And following the way of the stock behaved.. It is good
to short bharti at cmp with stop loss at 785 is opinion for a target of 700-680.
I recommend to go for futures and as per pattern formed one can go for short even near
750 for a target of 700.
For My Last Posting About Bharti Airtel Please visit
Bharti Airtel – Simple Trend Line Analysis
Infterence from EOD Charts :
1) MACD Dips below the importane level Zero : Current Value : -8.378 – Bearish
2) Stock Trading below 20 day EMA(799.4) – Bearish Short Term
3) Falling RSI – Bearish and Rising Stocastics (Bearish).
In Summary
Short Bharti Airtel September futures at current level(CMP : Rs 770) for a target of 720 and 695
with stirct stop loss near 785
Maximum loss = Rs 15/Lot = 15*250 = Rs 3750
Maximum Profit =Rs 75/Lot = Rs 18750
Remeber Failing to trade without stop loss may trigger you heavy losses. So do your trade
with strict stop loss.
Happy Trading !!!
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Written by: Rajandran R
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