BAJAJ FINSREV
BAJAJ FINSREV is making a bullish "Flag and Pole Pattern"
Points To Note:
1. Bajaj Finsrev is sitting at a very crucial point. The breakout and closing above the downward channel will attract a bullish momentum. Afterwards, the 17,300 levels will act as strong resistance as 50MA also coincides there. Failing to close above which will attract more downward consolidation. If this resistance is taken out on a closing basis BAJAJ FINSREV will march towards 18,300 levels.
2. Strong Support is present at 16640 levels followed by 16,040 levels. BAJAJ FINSREV has already tested the upward channel 3 times and a possible breakout is on the table (if it completes the flag and pole pattern).
3. Daily RSI is showing positive divergence against the price.
4. MACD line has a positive crossover after cutting the signal line (but still trade below the zero line).
MY VIEW
I think the next 1-2 trading session will be crucial as they will clarify the situation. If the candle gives a breakout and closes above the 50MA, it will confirm the breakout of the bullish flag and pole pattern. Failing to do so will attract more downwards journey.
THOSE ARE MY VIEWS AND ARE ONLY FOR KNOWLEDGE PURPOSES, ACT WISELY AND DO YOUR OWN ANALYSIS.
Let me know your thoughts
Points To Note:
1. Bajaj Finsrev is sitting at a very crucial point. The breakout and closing above the downward channel will attract a bullish momentum. Afterwards, the 17,300 levels will act as strong resistance as 50MA also coincides there. Failing to close above which will attract more downward consolidation. If this resistance is taken out on a closing basis BAJAJ FINSREV will march towards 18,300 levels.
2. Strong Support is present at 16640 levels followed by 16,040 levels. BAJAJ FINSREV has already tested the upward channel 3 times and a possible breakout is on the table (if it completes the flag and pole pattern).
3. Daily RSI is showing positive divergence against the price.
4. MACD line has a positive crossover after cutting the signal line (but still trade below the zero line).
MY VIEW
I think the next 1-2 trading session will be crucial as they will clarify the situation. If the candle gives a breakout and closes above the 50MA, it will confirm the breakout of the bullish flag and pole pattern. Failing to do so will attract more downwards journey.
THOSE ARE MY VIEWS AND ARE ONLY FOR KNOWLEDGE PURPOSES, ACT WISELY AND DO YOUR OWN ANALYSIS.
Let me know your thoughts
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