Tata motors has had a deep retracement and has been consolidating for a while and hasn't established a trend in the longer time frames. The company has good fundamentals. However the shorter time frame is in a downtrend and a test of the demand zone is likely
From a mid-long term perspective, it could bounce off the demand zone or break of the overhead resistance if it opens upwards in the next trading session. Since no trend has been established yet, a tight stop loss (shown in the charts) if a position is taken at support would be ideal. In case it doesnt test support, a clear break of the major resistance area would start an uptrend.
For intraday traders, the point of interest would be the orange line. A clear break above it should send us to the 197-198 levels.
This is not a financial advice. Trade at your own risk. Good luck
From a mid-long term perspective, it could bounce off the demand zone or break of the overhead resistance if it opens upwards in the next trading session. Since no trend has been established yet, a tight stop loss (shown in the charts) if a position is taken at support would be ideal. In case it doesnt test support, a clear break of the major resistance area would start an uptrend.
For intraday traders, the point of interest would be the orange line. A clear break above it should send us to the 197-198 levels.
This is not a financial advice. Trade at your own risk. Good luck
Trade active:
The trendline could act as a local resistance. We are back in the demand zone which held up pretty well. Still consolidating in a downtrend, this stock is suffering from fundamental reasons which is discouraging buyers
The trendline could act as a local resistance. We are back in the demand zone which held up pretty well. Still consolidating in a downtrend, this stock is suffering from fundamental reasons which is discouraging buyers
Trade closed: stop reached:
Major support broken. trade closed