Bharat Forge

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This stock has given breakout of typical triangle chart pattern on daily chart, along with good intensity of volumes, this triangle pattern is typically seen at the end of complex correction in wave Z.
As per wave structure also it is showing same scenario fitting well, overall if it gives up move as a retracement only up to 61.8% of last fall since November 2021, then we can see 751 levels on up side, on the way down 20DMA and RK's stop line are support areas which are currently pegged at 656 and 660 and major stop loss is last swing low of 630 to watch out for upcoming days.

breakout with good intensity of volumes


Macd histogram breakout, along with macd positive uptick above zero line, on daily chart


Macd positive crossover in weekly chart


price closing above 20wma


price in daily chart trying to create momentum towards north


RSI uptick and crossing up 60 in daily chart


dmi adx positive strength on daily chart


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Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.

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Target reached on 12 august