BAJAJFINSERVE - Signal before a Big Breakout ?
Bajaj Finserve has been undergoing a correction since 2021, forming a triangle pattern. It appears that the stock has finished its 4th wave in the form of a triangle and is now poised for the 5th move. Finding an entry during a corrective phase is always challenging as prices tend to be choppy and sideways.
However, upon analyzing wave e of the triangle, it was quite sharp and broke down the support levels, trapping the bears. What particularly caught my attention was the breakout of an inverted head and shoulders pattern on the daily chart. This is a strong pattern that suggests a potential bottom for the stock. Additionally, the breakout occurred at the exact crossover of the 20 EMA and 200 EMA.
Taking all of these factors into consideration, it could indicate a favorable upside potential despite the significant resistance from the top trendline of the triangle.
The partial stop loss should be set at today's candle low and partial at around 1550. We can aim for a minimum target of 1800. This gives us a favourable risk to reward ratio. All the data points are indicated on the chart
Disclaimer: Please note that the information presented in this analysis is intended for educational purposes only. It is highly recommended to seek advice from a financial advisor before making any investment decisions. I cannot be held accountable for any financial losses that may arise
However, upon analyzing wave e of the triangle, it was quite sharp and broke down the support levels, trapping the bears. What particularly caught my attention was the breakout of an inverted head and shoulders pattern on the daily chart. This is a strong pattern that suggests a potential bottom for the stock. Additionally, the breakout occurred at the exact crossover of the 20 EMA and 200 EMA.
Taking all of these factors into consideration, it could indicate a favorable upside potential despite the significant resistance from the top trendline of the triangle.
The partial stop loss should be set at today's candle low and partial at around 1550. We can aim for a minimum target of 1800. This gives us a favourable risk to reward ratio. All the data points are indicated on the chart
Disclaimer: Please note that the information presented in this analysis is intended for educational purposes only. It is highly recommended to seek advice from a financial advisor before making any investment decisions. I cannot be held accountable for any financial losses that may arise
İşlem kapandı: durdurma seviyesi
The stock has entered our SL territory. 
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.