Bata has been in a sideways channel on the daily timeframe for quite a while. The stock is approaching the 3rd touch of this channel at the top. The interesting thing about this is, it is approaching the top in a rising wedge formation giving us an idea of a potential dip in the stock. If the stock breaks this small rising wedge formation it has the ability for a downside of over 10%, so the Risk to Reward for traders in good enough.
Entry after the channel break - 1430
Stop - 1470
Target 1 - 1387
Target 2 - 1360
Target 3 - 1327
Disclaimer
This content is for information and educational purposes only and should not be considered as a piece of investment advice or an investment recommendation. Past performance is not an indication of future results. All trading carries risk. Only risk capital which you are prepared to lose.
Entry after the channel break - 1430
Stop - 1470
Target 1 - 1387
Target 2 - 1360
Target 3 - 1327
Disclaimer
This content is for information and educational purposes only and should not be considered as a piece of investment advice or an investment recommendation. Past performance is not an indication of future results. All trading carries risk. Only risk capital which you are prepared to lose.