Tata Motors - Descending channel with bearish flag pennant

Aug 3, 2017

Scrip has moved down on descending channel pattern with trendline around lower highs and lower lows on 30 mins chart
INTRA-DAY
Bullish
1) Dragonfly doji candlestick at end of bearish trend showing sign of trend reversal 2) %William showing upward momentum
Aiming to enter at 433 after momentum confirmation towards TP = 438, 440, 442
Short
at 428 towards TP = 425,423 if flag bearish pennant shows further power with bearish engulfing!
SL - 429

Thanks to in.tradingview.com/u/vanathi/ for showing the insight for flag bearish pennant

Aug 4, 2017

Trade active

Uptrend

Aug 4, 2017

Trade closed manually

Closed at 346

Aug 10, 2017

Note

Planning to short if the scrip shows further bearish downtrend as it has been in control of the bears. Infact, the NIFTY is being ruled by them in past sessions.
If the downtrend continues, It can touch target 3=299 (history will repeat) although the scrip would require safe trading as on DAY charts, Gap has formed after Q1 YoY results which usually occurs when the price of a stock makes a sharp move down with no trading occurring in between. Gaps can be created by factors such as regular buying or selling pressure, earnings announcements, a change in an analyst's outlook or any other type of news release.

Already, Scrip is in oversold situation