Bharti Airtel Fills the Gap Up

In the late Oct and the early Nov, Bharti Airtel have created three Gaps to move from 370 levels to 565 to create 52 weeks high. All the gaps had significant volumes to push the stock further up. For the entire November, the stock was trading in the sideline with reduced volume. Airtel made another attempt in December to pass through the 565 levels, it has failed to do it because of missing volume.

Bharti Airtel Limited Fills the Gap in the daily chart
Bharti Airtel Limited Fills the Gap in the daily chart

On Jan 24, 2018 the stock had fall with bearish body (almost like Marubozu – It missed it with few points) to fill the Gap created on Oct 23, 2017. The follow-up action on the next day Jan 25th dragged the stock even further with no bullishness. The candle body had no head. It is highly likely that Airtel will go further down with Gap range of 470 to 475 as resistance.

 

Muthuraj Paulraj

Passionate about investing and trading in Options.

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