Bharti Airtel is one of stocks from the telecom sector which has shown strong gains in last few trading sessions.
When we look at the chart it is clearly visible that inspite of good performance of Indian Equity market from August 2013 onwards, this stock has been consolidating in a big range and now arrived near the crucial resistance. The up move of last few days is also attributed to the Q1 result which has come in line with investor expectations.
Bharti Airtel Daily chart:
Elliott Waves Analysis:
As shown in Daily chart, from the start of 2013 prices have been consolidating in the range. In the last trading session stock was up by more than 5% which has brought prices again at the crucial resistance levels. The stock is now near the year long upper end of the range. A break above this range will be extremely crucial for positive trend to build up.
Time is one of the important components while trading. We have applied 205 days time cycle which is working very well on this stock. Most of the time this cycle has worked as a bottoming cycle. Even recently after the time cycle low stock has shown strong move on upside which increases the odd that atleast for short term prices have bottomed out with 350 as important support.
On the short term charts shown in actual report we have used 2 different moving averages that can help in generating buy and sell signals.
In short, for Bharti Airtel ……….
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