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BAJAJ FINANCE – A BIG REVERSAL FROM SUPORT LEVEL – LOOK AT THE CHART

bajaj finance

Just have a look at the chart stock exactly reverse from its support level as 1000 level, we just miss the exact timing in this stock.

as per the candle stick pattern stock has given a INVERTED HAMMER candle on 7/8/2013, and immediately after that it has given a BULLISH BELT HOLD bar on next trading day, which given the confirmation of this reversal.

overall long period chart can indicate that there is BROADENING TRIANGLE pattern known as MEGAPHONE or we can say reverse symmetric triangle expanding in nature, which also show that it has taken a support on its trendline and given a sharp bounce.

another things we can see is, RSI still not able to cross its resistance line, so once it able to cross it then price will move more higher and will try to test its upper side resistance level, if RSI plan to move in oversold zone.

so over all chart study indicate us that, stock is already reverse with 1000 as its support and now if able to give close above 1270 again then we can see higher side levels of 1400-1500-1800 also….

so worth watching this one…..can also invest small amount with calculated risk.

 

 

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