Bajaj Finance gives breakdown of previous level but not sustain below that and gives V shape recovery
Now there are two things -
1. This V shape recovery is a Stoploss Hunt for seller which is negative for stock
2. This is a Breakdown Failure which is positive for stock
we consider that this is breakdown failure not stoploss hunt because of RSI gives breakout and close above 50
if stock retrace to breakdown level and creates a bullish candle stick pattern we saw 6100 level in few days.
Second thing is trendline from top and stock taking rejection after breakout of trendline confirmation is 80% until confirmation is only 50%
Now there are two things -
1. This V shape recovery is a Stoploss Hunt for seller which is negative for stock
2. This is a Breakdown Failure which is positive for stock
we consider that this is breakdown failure not stoploss hunt because of RSI gives breakout and close above 50
if stock retrace to breakdown level and creates a bullish candle stick pattern we saw 6100 level in few days.
Second thing is trendline from top and stock taking rejection after breakout of trendline confirmation is 80% until confirmation is only 50%