BAJAJ AUTO GETTING PREPARED FOR ANOTHER RALLY
Bajaj Auto is currently near it's ATH, and is getting ready for another rally in short term. The target is calculated using the ABCD pattern of Harmonics. Current daily candle tried to break ATH level but gave a closing below it. So, candle closing above 8700 will decide whether it will move upside or not. However, this is a perfect example of price action of a bullish market!
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Almost 2.5% in a single day!
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Currently 5% from our entry level. Holding for another 5% weekly.
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Keep strict stop loss of 2% from the entry level. If an hourly candle closes below the SL, take the SL and exit the trade. It is coming down for a retracement of the breakout level. Keep an eye for a structure change (Bullish Reversal/W Pattern) in hourly TF which will give a high conviction to hold the winning trade as it has a potential target of almost 10% if it hits the target. In other words, we lose 2% if the trade does not go in our direction and we win 10% if it gives the target, which is a great Risk-to-Reward ratio of 1:5.
