Breakdown in Tatamotors

NSE:TATAMOTORS1D

TATA MOTORS LTD.NSE

Description

⋅ Apr 30, 2017 5:09 PM

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

⋅ May 5, 2017 7:52 AM

The stock has now broken below an important resistance level of 437

Comments

joel-vg

⋅ May 1, 2017 3:47 AM

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

inderjeet05

⋅ May 2, 2017 8:20 AM

@joel-vg, Hoping for breakdown below 437.

joel-vg

⋅ May 2, 2017 8:32 AM

@inderjeet05,
but please check my short term chart ; i have a doubt whether we can go up and then make a down move

inderjeet05

⋅ May 2, 2017 1:29 PM

@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.