Bharti Airtel a beaten down stock under performing from last several months.
First a disclosure i do not know even the basics of EW theory. So my wave count be wrong so please take your own decision before reading this blog.
This is Bharti Airtel monthly charts since its inception. The first wave ended at 592 in Oct-2007. Stock retraced 61.8% of this upmove and reached 233, I am taking it as end of wave 2.
From 233 to stock rallied to 452, i am taking it as wave 3(1). The stock again corrected 61.8% of this rally and went to 306(low was around 282), so this was end of wave 3(2).
Stock's move from 282 to 564 almost 100% rally was wave 3(3).
The stock now corrected more then 61.8% , near about 78.6% ,end of wave 3(4), because of Jio effect. But now stock is showing signs of revival. It may be too early to say revival, but i am taking the risk.
Now if my wave count is correct and stock is just about to begin its wave 3(5), then target can be just mouth watering 620 to 709.
In this journey 400 to 437 is Moving Averages resistances and 448 and 475 are fibbonaci resistance levels.
The charts on zoomed levels.
Weekly and daily charts are also showing divergence in RSI, however , i have not shown in the charts.
A move below 330 will violate my view.
Disclsoure: I am not a SEBI certified analyst and further i hold the stock in my family portfolio.
First a disclosure i do not know even the basics of EW theory. So my wave count be wrong so please take your own decision before reading this blog.
This is Bharti Airtel monthly charts since its inception. The first wave ended at 592 in Oct-2007. Stock retraced 61.8% of this upmove and reached 233, I am taking it as end of wave 2.
From 233 to stock rallied to 452, i am taking it as wave 3(1). The stock again corrected 61.8% of this rally and went to 306(low was around 282), so this was end of wave 3(2).
Stock's move from 282 to 564 almost 100% rally was wave 3(3).
The stock now corrected more then 61.8% , near about 78.6% ,end of wave 3(4), because of Jio effect. But now stock is showing signs of revival. It may be too early to say revival, but i am taking the risk.
Now if my wave count is correct and stock is just about to begin its wave 3(5), then target can be just mouth watering 620 to 709.
In this journey 400 to 437 is Moving Averages resistances and 448 and 475 are fibbonaci resistance levels.
The charts on zoomed levels.
Weekly and daily charts are also showing divergence in RSI, however , i have not shown in the charts.
A move below 330 will violate my view.
Disclsoure: I am not a SEBI certified analyst and further i hold the stock in my family portfolio.
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