Airtel has an interesting pattern. There is a 5 wave complete pattern which is either an Ending diagonal or a Triangle. Depending on which one it is, the next move could be very swift - either up (in case of a triangle) or a down(in case of an ED). Need to wait for a clear confirmation for continuation.
Will the falling subscriber base lead to further pressure on bharti airtel ?
Chart says market will decide it tomorrow.
Trade on the conformation of breakout as per Monk strategy.
If holding longs in Bharti Airtel, please exit on any bounce. It is in the process of Making a flat channel. Best buy is in the area of 240 with SL. if those levels are held we might see the highs again. The recent move down looks like an impulse. Best to stay away from longs in this counter. Short on rise for ultimate target of 240.
Bharti broke out of the rising wedge as expected and gave some nice gains, as of now Bharti is looking good for some retracement and would be again ready for a short sell trade once it breaks out of the bigger wedge.
