BHARAT FORGE
- BHARAT FORGE currently facing strong resistance around 738 its 161.8% fibonacci retracement, chart indicates once stock closes above 728 and stays above then Bharat Forge will favor bulls for next 1-2 trading days.
- Intraday close watch once stock starts trading above 738, if stays above with volumes then intraday bull action is expecting.
- Suggested Reading - PETRONET LNG is on the verge of bullish breakout.
- Daily chart also indicates stock is moving up from its previous top resistance which is now acting as a major support for Bharat forge. This kind of pull back is very important and most of the time it will favor bulls to strength the stock.
- As shown in chart no 3 Bharat forge is moving up from its 20 days moving average support zone this too will favor bulls. As seen on the chart bharat forge took its 20 DMA support 5 times , as soon as stock tested its support it bounces back. close watch this time too stock bounces back, if stays above then can see further bull action. And if it breaks its 20 DMA support zone then bears will get active in this stock.
- Click here to see all the trading reports (tips) published by us on BHARAT FORGE (as per technical analysis point of view).
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