Tata Motors. Weekly Pole and Flag pattern. Bullish Pattern
Consolidation in TataMotors Scrip since March 2024.
2 Tradeable Scenarios are possible here.
Scenario 1: Another correction to the lower end of the flag and then a bottoming out and eventual break out of the upper end of flag.
Scenario 2: Breakout and Consolidation/Retest of the upper end of the flag and continuation upwards.
In any case, technically, it looks like a good consolidation. As the scrip's price moves, I will keep updating here.
#only for educational purposes - on how to keep track of long term patterns, and how to enter trade in such scrips and patterns.
2 Tradeable Scenarios are possible here.
Scenario 1: Another correction to the lower end of the flag and then a bottoming out and eventual break out of the upper end of flag.
Scenario 2: Breakout and Consolidation/Retest of the upper end of the flag and continuation upwards.
In any case, technically, it looks like a good consolidation. As the scrip's price moves, I will keep updating here.
#only for educational purposes - on how to keep track of long term patterns, and how to enter trade in such scrips and patterns.
Note
25/07/2024 10:30 am. Price action breakout on hourly chart.
Entering trade @ 1060. Stop loss @ 960
Note
Update 06/08/2024 1:45 pm.
Exiting trade, stop loss has not been activated but the bearish sentiment seems strong, taking a smaller loss than stop loss and waiting. A small pullback is possible but doesnt seem worth it to me.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.