TATA POWER trend line channel

May 22

TATA Power has already achieved the adjusted target as per flag pattern, if we apply flag pattern as per book rules then 567 is the target which is yet to come.

TATA POWER is travelling in the channel drawn, as per that if it crosses current LTH of 464 then it can reach to 480-490 and then again make a down move towards the bottom line of the channel which can be 425-430.
As the election result date is also approaching so we can also see a channel breakout depending on result euphoria.
If it fails to cross 464 then it can make a down move towards channel bottom line with target of 416, until 497 is protected TATAP is in uptrend.

* It is not a trade advise but technical analysis shared based on my understanding of patterns and personal experiences, please take any trade at your own risk.

Jun 3

Note

Correction : it is 397 and not 497 - typo
* If it fails to cross 464 then it can make a down move towards channel bottom line with target of 416, until 397 is protected TATAP is in uptrend.

480-490 is on radar now......

Jun 24

Note

TATA POWER near to trendline support area and 428 must be number to watch tomorrow from where it can bounce back at least for the first time. If it breaks below that then it can show targets up to 400 so keep an eye.

Jun 30

Trade active

Got support from 428 as expected :)

Jul 12

Note

so far the support line has been respected well on daily closing basis.
Cross above 463 is needed to enter into new run but if a price action is seen above 445 then 457-463 can be small target area.

Jul 22

Note

After slipping below support trendline a nice fall of 30 points f4o 440 to 410.

Jul 31

Note

The support line has turned into resistance line and dint allow to close above 464 which is needed for the monthly close to open new higher targets. Will have to wait and watch if we get it on weekly closing basis.
For now not in trading zone from long term perspective.
Short term/intra day - people can play around resistance line.