Nifty is trading near 16k levels and Bharti Airtel is expected to announce its quarterly earnings today. Let us see what the technical charts suggests could be the outcome!
Bharti Airtel (daily chart as of 03-08-2021)
On the daily chart of Bharti Airtel, we can see that since mid-October 2020 the stock was in a strong uptrend all the way till early February 2021. After February there was a long consolidation in prices which formed a triangle pattern. It can be clearly seen that the highest volume profile area is near 526 levels where the stock was accumulated over the months and has now started moving higher.
After completion of E leg of the symmetric triangle pattern which is a continuation pattern the stock gave a bullish breakout on 22nd July 2021. Usually, the pattern target is the height of the first leg I.e. A projected from the bottom of E leg. The pattern target comes up to 648 levels. Important support is placed near 520 levels.
All these technical signals combined suggest that the earnings outcome could most probably be on the positive side and the news can act as a catalyst to push prices higher.
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