tcs looking bearish till 2142 ,
if taken support ,targets - 2176 , t2 - 2221
if broken 2142 level , downside target is 2120 , will take support from that level
2120 CAN be an demand zone . buy at those levels
Long term perspective
Further down side expected in Tata Motors
Basis:-
1. 5 day SMA below 20 SMA indicating downtrend
2. RSI on monthly and weekly chart below 40
3. Negative reverse divergence indicated by RSI forming higher bottoms and the chart forming lower bottoms (marked with black arrows)
4. Good red volumes
The chart in the post is candlesticks. Reverse...
Why is 29th of May Important ?
To calculate the Gann date - i started from the recent bottom which is on 24th March 2020.
On the 3rd day itself , it gave a big upmove upto 76
From the Gann square of nine chart ( Google it) - you will find the following gann numbers being important (Diagonal)
3,7,13,21,31,43
Now calculate these numbers from the Preceding...
AS WE CAN SEE FIRST 3 WEEK CANDLE IS GOING TO BE MADE ABOVE MIDDLE LINE OF BOLLINGER BAND WHICH IS 20 DAY MOVING AVERAGE AND UPPER VALUE OF BOLLINGER IS 215 APPROX WHICH MAY BE THE TARGET
If it breaks the channel, short it. Or go long. Looking at today's FII activity, I see no buy-in tata motors. Also, the %deliverable quantity is 15.13% only, which is less. So most likely it might break the channel and go down.
A daily close below 165 is a great shorting opportunity
Why 165 ?
because 165 is the number on daily chart where it has formed a support / resistance three times in the past
What should be the stop loss ?
Simple - a daily close above 165
what should be the target ?
Targets should be taken along the way up-to 150/155 !!
The occurrence of extended wave 5 is sheer magic.
i am not sure whether my wave count is correct
if wave 5 (within wave 3 ) is extended , then we should see a value around 200.
