A Double Bottom formation has emerged on the Daily chart of Bharat Forge, and the price is currently approaching the neckline of the pattern. The slight upward tilt of the second bottom in the pattern suggests a bullish bias. Furthermore, the 10EMA has crossed above the 50EMA, indicating a potential upward movement.
I have placed a buy order at Rs. 802.50, with a Stop Loss set at Rs. 756.53, which corresponds to the bottom of the pattern. With a Risk:Reward ratio of 1:1, the Target Price can be set at Rs. 850.
I have placed a buy order at Rs. 802.50, with a Stop Loss set at Rs. 756.53, which corresponds to the bottom of the pattern. With a Risk:Reward ratio of 1:1, the Target Price can be set at Rs. 850.
Comment:
Target of Rs. 850 is hit!