It has reversed from a Bearish Harmonic Alt Shark in hourly time frame and done a min 38% retracement. There is a possibility of a trend line breakout ONLY if it manages to break "above 328" for 360 where it has a Bearish Harmonic Butterfly. Failure to cross would see continuation of retracement till 50-62%
Tata Global in daily time frame has activated a C Clamp suggesting retest of 355. It's hourly is also suggesting a H&S breakdown below 379. Resistance at 390. View negates above 400
NSE:TATAGLOBAL
HOW TO EXIT THIS TRADE ?
THERE IS NO TARGET ON THIS TRADE ITS RATHER BASED ON TREND FOLLOWING SYSTEM .
WE HAVE TO CONTINOUSLY SHIFT OUR STOP FOLLOWING THE TREND .
FOR EVERY PRICE MOVEMENT SHIFT YOUR STOP UP UNTIL ITS BREACHED .
HOW TO FIND THE STOP ?
STOP = CMP - 2*(ATR)
FOR EXAMPLE ON THE CURRENT DAY :
CMP - 253.45
ATR - 8.3
STOP = (253.45)...
Buy Tataglobal with a SL of 176 and potential targets of 198.
Adjust trading volumes as per entry price.
Disclaimer :
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