Hi Readers,
TataMotors has a strong past of following the chart patterns very accurately. (For ref. please refer to the idea linked below).
As indicated in the chart, the script is at a very crucial point from where it has a high probability of breaking down. We do not have to trade in haste as there is always enough time to grab any opportunity in the markets. The stock has been inclining downwards in a flag pattern but has a lot of bearish sentiment imbibed in it.
The dilemma is that the pattern is bullish but the stock is indicating bearishness.
I would personally refrain from going bullish on the stock as there seems to be a lot of pain in the market and look for entry only if it is complemented by the OI and the Volumes below the current levels.
TataMotors has a strong past of following the chart patterns very accurately. (For ref. please refer to the idea linked below).
As indicated in the chart, the script is at a very crucial point from where it has a high probability of breaking down. We do not have to trade in haste as there is always enough time to grab any opportunity in the markets. The stock has been inclining downwards in a flag pattern but has a lot of bearish sentiment imbibed in it.
The dilemma is that the pattern is bullish but the stock is indicating bearishness.
I would personally refrain from going bullish on the stock as there seems to be a lot of pain in the market and look for entry only if it is complemented by the OI and the Volumes below the current levels.
