Here's a chart showing Bharti's movement. As you can see, in both cases we had a reversal at the top with a wedge formation. the Second drop was a sharp move below the ichimoku cloud.
Markets and charts are a reflection of traders' psychology. I'm expecting a similar pattern to evolve again as we continue to test resistance and fail before correcting atleast until the 78.6 fib level. That should be a good entry point for a long term position in Airtel. In the shorter term, a run to Rs. 465 is possible, which should bet met with strong resistance and fail.
Markets and charts are a reflection of traders' psychology. I'm expecting a similar pattern to evolve again as we continue to test resistance and fail before correcting atleast until the 78.6 fib level. That should be a good entry point for a long term position in Airtel. In the shorter term, a run to Rs. 465 is possible, which should bet met with strong resistance and fail.