Bjaja Finseve Short Term View

Bajaj Finserv:- Bajaj Finserv is an uptrend in this uptrend the stock is forming Higher High and Higher Low. In this uptrend, the stock has formed a Rising Wedge Pattern. Rising Wedge in an Uptrend is a trend reversal pattern. RSI is showing negative divergence, weakness in the price momentum. MACD negative divergence and at the verge of bearish crossover. Stochastic is in the overbought zone with bearish crossover. The 20 SMA and 20 EMA stand at the same level. The breakout of SMA and EMA with the trend line breakout & high volumes on breakout will be a good and strong breakout. The breakout of the wedge pattern will push the stock towards the 8000 level, this also the 50% retracement level of the recent up move from 6575.86 to 9421.72. All the signals indicating that the stock may fall in the near term. Short position only after trend line is broken. Stop Loss will be above the recent high.