Why Bharti Airtel Is Up 5% Today? How to Trade Momentum?
Aug 10, 2021
Bharti Airtel has continued to rise sharply and is up by more than 8% since we published our earlier article on this stock on 3rd August 2021- You can again read it here – Nifty at 16K, Stocks to Trade?
The stock has continued to move up and many are focused on the news, but the charts could have helped to take the trade rather than the news or events:
Bharti Airtel Hourly Chart:
Following was mentioned on 3rd August when we mentioned why this stock can outperform
“After February there was a long consolidation in prices which formed a triangle pattern. It can be clearly seen that the highest volume profile area is near 526 levels where the stock was accumulated over the months and has now started moving higher. After completion of E leg of the symmetric triangle pattern which is a continuation pattern the stock gave a bullish breakout on 22nd July 2021. Usually, the pattern target is the height of the first leg I.e. A projected from the bottom of E leg. The pattern target comes up to 648 levels. Important support is placed near 520 levels.
All these technical signals combined suggest that the earnings outcome could most probably be on the positive side and the news can act as a catalyst to push prices higher.”
Happened: Bharti Airtel touched high of 628 today and is up by more than 8% since the above research. Infact, we even forecasted the results on basis of Volume profile, Elliott Wave and price pattern. So, you really want to wait for results outcome to trade or rather rely on such patterns? Astonishing, Isn’t it!
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