Topic Statement:
Tata Motors, heavily beaten down and still oversold, is clinging to crucial support that could define its next move.
Key Points:
* The stock has repeatedly taken support at the 61.8% Fibonacci retracement level, where it currently trades even today
* Price is hovering just above the 180-day EMA, suggesting a delicate balance between support and further downside risk
* A move up is possible from this oversold level, but if support breaks, the price could slide further toward the 400 zone
Tata Motors, heavily beaten down and still oversold, is clinging to crucial support that could define its next move.
Key Points:
* The stock has repeatedly taken support at the 61.8% Fibonacci retracement level, where it currently trades even today
* Price is hovering just above the 180-day EMA, suggesting a delicate balance between support and further downside risk
* A move up is possible from this oversold level, but if support breaks, the price could slide further toward the 400 zone
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.
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.