Tata Motors

When 15min RSI hits its Bounce Area, prices either take support at 50%FR or 61.8%FR, currently its taking support at 50% FR . With that recent low of 507 being a stop on 15 min basis, its a long trade for an initial target of 516 (61.8%FR of fall from 522). Eventual target is 534.

A break of the low of 507, would result in a test of the lower end of the Gap Area 502. Will look for a long entry again at 502.
Trade closed: target reached: Intraday target of 515 met, day traders should close the trade, a re-entry can be planned later. Risk takers can still play for 534.
Trade closed: target reached: The eventual target of 534 has also been met.

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