Tata Motors: Short and Medium term trade

Tata Motors has been moving in a confined range since the past 4 months. It has formed a bullish ascending triangle within the range and might be on the verge of breaking out giving us a good swing trade.

Levels for the trade are:
Entry = Rs 339+

Short term target (Intraday or 1-2 day target after the breakout)
Target 1 = Rs 349.95

Medium term targets (2-5 weeks after breakout)
Target 2 = Rs 373.7
Target 3 = Rs 400

1. If the breakout is weak i.e. not with a strong volume , it may fail. However the first target should be still achievable.
2. It may retest the trend-line one final time before giving the breakout.
3. A reversal from Rs 338-339 is also possible in case of a sell-off. Wait for the breakout.

Trade active: Entry achieved in the first 5 minutes today, Target 1 almost hit @Rs 349.7.
Comment: Target 1 hit, Day high @Rs 349.9
Trade closed: target reached: Target 1 hit on the first day after activation, no further movement expected due to negative news.

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