Tata Motors - Punctured@438- Selling at top for 410

24th Oct2017

Last Traded Price@416

Congrats! If you were part of this sell trade right from the top@438. H&S pattern as suggested with incomplete right shoulder was fantastic to start as it completed exactly at 434 which was expected level to sell for 423-410 target levels.

Although H&S pattern was slow to react & touched 425-426 target zone in 1st attempt from 434 highs & bounced hard beyond right shoulder@434 but look - where it turned down in 2nd attempt- Just below 438. Yes, it turned down from 437.30 level to be precise.

Previous Update@17th Oct2017 - Incomplete H & S pattern@438 for 423-410

Lessons the trade taught us
Book partial profits or trail with profit stop loss method so that you can squeeze the maximum as a trader.

H&S pattern with 2 key levels 434 & later 438 was to be taken out for bulls to take control of the motors instead it gave partial target in 1st attempt -shy of 423 at 425-426 zone & In 2nd attempt -holding 438 highs upside turned from 437 to 416 in current day session.
As markets evolve H&S pattern tuned into double top at 438- 437 zone later -keeping in mind 438 which was critical level on upside.

What is next?
The most exciting part is what next as we all look for better trading opportunities. The fall from 438 highs was impulsive in nature so, next part should be traded with caution unless it stays/holds above 419.50 mark. We have a bullish deep crab with PRZ zone 416-412 where likely TM should rest next or get the support.

When to execute?

Strategy 1 - Moving above 419.50 - we shall look for 1st target zone of 423-425 & above 427 for 2nd target zone 432-434. Assuming that it moves above 419.50 & does not hold above 419.50 later - take care of trades as a matter of caution.

Strategy 2 - Look for 410-413 Zone as resting pad or strong support zone -if holds & starts moving upside then look to be part of bull side for same set of targets as mentioned above in strategy 1.

Trade active:

11:02 Hrs 25th Oct2017

Last Price@417.90

Came to low for the day@415-416 going above 419.50 - be careful if does not holds above 419.50- falls to 415.55 on the box & moves upside. Currently at 417.90

Trade active:

11:11 Hrs 25th Oct2017

Last Price@417.80

See -It opened gap up above 419.50 - falls below 419.50 - makes an attempt to sustain above 419.50 -fails & falls to 415.10 lows as suggested above in Strategy 1 - be careful if it does not hold above 419.50

Trade active:

12:20 Hrs 25th Oct2017

Last Price@422

Heading in the direction of 1st Target Zone of 423-425 - Wow!

Trade active:

12:48 Hrs 25th Oct2017

Last Price@420

Just Shy of 423 - TM turned down from close to 1st Target zone of 423-425

Trade active:

12:55 Hrs 25th Oct2017

Last Price@421.20

Why Tata Motors is fond of 419.50 - so much ?

Trade closed: target reached:

13:16 Hrs 25th Oct2017

Last Price@423.20

In the target zone back again from 419.50 - as updated above at 421. 20

Comment:

15:27 Hrs 25th Oct2017

Wow -It is falling from 423-425 - New Update published - can it be hat trick with bearish harmonic.