Swing Trade in Tata Motors

Only for Educational Purpose.

Go Long above 311.1 for targets 332, 352.8 with SL 290.2

Reasons :

1. On a daily timeframe if we draw Fibonacci retracement from recent swing low (Point A) to recent swing high (Point B) we find that stock took support at 0.618 Fibonacci level.

2. Also it formed a bullish candlestick pattern, bullish hammer (circled with purple color) around 0.5 Fibonacci level.

3. Additionally there is a demand/ supply zone (marked with a green rectangle ), as earlier stock faced resistance in this zone. Now this zone is providing support to the stock.
Trade active: Entry Triggered Today (23 March 2021).
Trade closed manually: On a 15 min chart, Tata Motors is forming a rising wedge pattern which is bearish, so only long-term and aggressive traders remain in position, rest exit on rise.

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