Bharti Airtel: Ending Diagonal Formation

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Bharti Airtel made a 52 week high of 435 levels but in last half an hour of trade the stock lost its shine and started moving lower. It closed at 425 levels after the weighted average.  There is a high possibility that the stock is moving in wedge pattern.

The wedge pattern or ending diagonal pattern has five waves in it. In each five waves there are three waves which is corrective in nature (a-b-c), taking alteration into consideration. After the five waves are done it will reverse. In this case it is certain that Bharti has completed five waves and will possibly turn from hereon.

On the lower side prices can moved down till 380 levels or even lower in near term or probably in June 2015 series.

Bharti Airtel Daily Chart


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