BATA INDIA is a buy or sell?

Jul 22, 2023

BATAINDIA

A very good setup spotted in BATA, 1660-1700 seems good zone either for breakdown or breakout. As you can see in charts before pandemic, around January 2020 stock was trading at ATH and 1660-1700 range acted as good support. But after the fall in March 2020, stock tried to break this levels (In Jan 2021 and Jun 2021) but didn't succeed. Finally in Aug it gave breakout and gone past 2250 levels. As we all know previous resistance will now act as support. As we can see on charts it has taken support 3 times after the breakout(i.e. in March, June and November 2022). After that stock broke that level which was acting as support and now it will act as resistance, today it is at resistance level. But is it a buy or sell?

If you closely look latest weekly candles are type of Doji.
What I'll do in this setup?
I will keep this stock in radar and look either sides for profits(buying as well as selling) depending on the performance next week.

If breakout, I will wait for confirmation and after retest, will look for buying one.
If strong rejection candle here, will look for selling side.



Kindly Note: All this are for educational purpose. You should trade as per your own analysis.