Why TATAPOWER ?
Hi everyone!
Let us discuss TATAPOWER in this thread.
TATAPOWER has given fabulous 750% movement b/w May'20 and Oct'22 and since then it is in consolidation. Below I have mentioned my reason why I think it is a good time to consider this stock.
1. Price Action :
:- Stock is testing its 2 year long trendline(pl. refer chart).
:- In weekly chart last four candles have formed higher lows, which if formed near support generally signals strength.
:- Triangle pattern breakout in Daily chart.
2. RSI : Monthly RSI is near 60 at same time weekly RSI is testing 40 whenever price is moving near trendline.
3. Good Risk to Reward : Since stock is near its trendline so the SL will be only 6-7% which means we can expect a RR of 8 to 10.
After all these positive points there is also one point which will be of slight hindrance and it is that, Stock is trading below its 200 moving average(in daily), and once it crosses past that we can expect some good momentum in this stock.
Do you agree with all this?
Pl mention if you have any point in addition or against above points.
THANKS!
Let us discuss TATAPOWER in this thread.
TATAPOWER has given fabulous 750% movement b/w May'20 and Oct'22 and since then it is in consolidation. Below I have mentioned my reason why I think it is a good time to consider this stock.
1. Price Action :
:- Stock is testing its 2 year long trendline(pl. refer chart).
:- In weekly chart last four candles have formed higher lows, which if formed near support generally signals strength.
:- Triangle pattern breakout in Daily chart.
2. RSI : Monthly RSI is near 60 at same time weekly RSI is testing 40 whenever price is moving near trendline.
3. Good Risk to Reward : Since stock is near its trendline so the SL will be only 6-7% which means we can expect a RR of 8 to 10.
After all these positive points there is also one point which will be of slight hindrance and it is that, Stock is trading below its 200 moving average(in daily), and once it crosses past that we can expect some good momentum in this stock.
Do you agree with all this?
Pl mention if you have any point in addition or against above points.
THANKS!
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