aks85

Tata Motors- Taking Support On Channel- Buy Setup

Long
NSE:TATAMOTORS   TATA MOTORS LTD
2
As observed the price is moving in an ascending channel and this has been a buying opportunity whenever price has taken support on the lower band of the channel. Price since Feb 2016 has not been able to break the channel, taking multiple supports on it making a very strong support over time. It has also taken support at 50 day SMA .
Also, lately the price has been contracting in a symmetrical triangle, awaiting a breakout.

Aggressive traders can enter the setup while conservative traders can wait for the confirmation of the break out of the triangle.

Trade closed: stop reached: Trade closed.