1 HOUR CHART , PRICE CURRENTLY SUPPORT @ 50 mvwap &,PREVIOUS GAP (1960-1974).
IF PRICE MOVES ABOVE 100 MA WITH VOLUME EXPANSION,THEN NEXT RESISTANCE IS AT 2280 (POSSIBLY FORM A HIGHER HIGH/HIGHER LOW FORMATION)
IF PRICE FALLS BELOW 1916,THEN NEXT SUPPORT IS @ 1795.
Bata has been in a sideways channel on the daily timeframe for quite a while. The stock is approaching the 3rd touch of this channel at the top. The interesting thing about this is, it is approaching the top in a rising wedge formation giving us an idea of a potential dip in the stock. If the stock breaks this small rising wedge formation it has the ability for a...
The Stock has shown a zig zag ABC correction on 60 min charts with 5-3-5 legs of ABC which is generally the end of a longer leg. The C wave has given its 5th leg and in my opinion, it is completed. A trade to go long with 69.40 as a stop-loss and 79 and 81 as targets give a risk/reward at 1:4 and 1:5 respectively. CAUTION ADVISED, STOPLOSS IS YOUR GOD AND YOU ARE...
The previous hrly view was to look for shorts at around 19750 (spot). Todays move has got that perfect (almost).
Now look to book part at 19480-460 levels. If that breaches and sustains, god save the bulls else back top the top.