techtrail

Tata Global: Nice Consolidation, Awating Breakout

NSE:TATAGLOBAL   TATA GLOBAL BEVERA
Tata Global is in a nice little consolidation. Have a look at the charts of Shakti Pump Balkrishna             Industries which have similar (not the same) kind of pattern. The theme here is narrow ranged bars with a dry-up in trading volume , suggesting volatility contraction aka VCP             pattern (a term coined by Mark Minervini).

Bombay Dyeing & Visaka Industries are a couple of other similar stocks in my watchlist.
Bro, it broke the support! Can see 224-200 levels soon. Thoughts?
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techtrail sahilmathur
@sahilmathur, Have a look at the updated chart featured below. The ideal scenario or the expected scenario was a breakout above the range. This did not happen. But, the positive aspect is that price is consolidating in the range. Look at the crack yesterday and the volume spike. But, there is no follow through selling until now today. We need to watch the price action for a day or two to find out if the big volume fall yesterday was absorption of selling. Let's wait and watch. Interesting stock for sure and am still leaning on the bullish side. I will turn bearish if the range low breaks.
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techtrail sahilmathur
@sahilmathur, https://in.tradingview.com/chart/cz5OIjr8/
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