Bharti Airtel Trading Near Major Resistance

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.

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 !!!