Breakdown in Tatamotors

133 4
This stock can be shorted. The reason are outlined below.

  • Currently stock is trading in a range of 481 - 437 so a breakout either way can be taken in a manner of speaking but
  • 481 is an important resistance zone clearly and is also 38.2% of wave 1 so a potential wave 2 starting point.
Comment: The stock has now broken below an important resistance level of 437

Related Ideas

Thanks for the chart
i do agree with your view
i am also following tata motors
just a weekly chart which i am following

@joel-vg, Hoping for breakdown below 437.
joel-vg inderjeet05
but please check my short term chart ; i have a doubt whether we can go up and then make a down move

@joel-vg, Hi, You are right this is a possible resistance or reversal point as indicated around 448 zone. I think both the interpretation of EWP would eventually may turn out profitable. However the time frame which you have considered is 5 mins and I have considered daily thus my SL is much higher. Entry point here in your particular case is very close to the stop loss thus this is a good trade.
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