In Bata India flag pattern formed, if price breaks flag pattern and goes down its a good candidate to short and is its breaks above its a good candidate to long
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BATAINDIA has made -ve 3Star Candle Stick Patter with Bearish RSI Divergence, seem like after burning many hands its thinking to go short.
Entry : Strong Closing Below Red Line
Stoploss : 1430 (Closing Basis)
Basic Target: 1330
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Bata broke the trendline it has been following for past few months and closed well below it.
Sell on a pullback towards 1135 areas with a cksoing stoploss above 1159 Target 1084
Bata is looking so ripe for short, depending upon market conditions I would like to be on sell side unless I see a strong downward rejection.
dark green lines would be the target incase nifty fails to hold 10000 levels in coming months.
Trade accordingly and don't forget to share your opinion in the comments section.
Wolfe Wave formed at the top area could offer a good short trade with reasonable Risk to Reward ratio. One can short the stock below 1090 and look for a targt of 980.
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.
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