TATAMOTORS
TATAMOTORS has been in very much bearish trend since last few days. And in this month it has fallen nearly 13%.
I am preparing this on 1hour timeframe for clear understanding. And this for positional trader.
On 23-07-2021, it has broken that orange trendline and closed near 295 level. This is very critical level and 295.50 is Fibonacci level and also it is at that black trendline.
If you see previously it has taken support from this trendline earlier.
1) Now in upcoming trading sessions, if it fails to take support from this level then we can see downtrend. First support/level will be 290 and if it breaks it then we can see levels till 280-281 in TATAMOTORS.
2) And if it gets support from this level then we can see change in trend for TATAMOTORS. But the good short term entry can be taken only if closes/trade above 305 level. But it it goes up and faces resistance at 305 level then don't enter and waste your time and stuck your money in it.
3) For the safe trader if looking for buy trade then it is safe to take buy/long trade above 318 for good upward movement in short term.
comment below if my trading ideas are helping you to understand levels and price action.
do comment if you have any doubt or suggestions.
Have a good weekend.