1) On daily time frame it has made cup and handle pattern breakout and sustaining it.
Please refer below chart.
2) On Daily time frame it has been taking support from trendline.
Please refer below chart....
Bata India broke out its major resistance level 1685, Can see a good upside momentum from here.
Good Accumulation range- 1645-1680
Upside target- 1780-1815-1880++
Stop Loss- 1615 on closing basis
Duration - 3-6 Months
If sustains above All time high, then next target is 2100++
=> We can go long only if price close above 1700 level (Price should sustain above 1700 level at least for 30 min)
=> Risk reward for this trade is 1:1.84
*Always Enter With good confirmation & Maintain proper Risk Reward.
******* Knowledge Purpose only ********
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BataIndia Has Given A Decent Correction . Now Its A Time For Some Retracement Upmove.
The Stock Has Bounced From Our Weekly PRZ Area. Below The PRZ. We Will Short Bata. Till The Time Wait For The Levels To Enter.
Never Enter In FOMO.
Use Alerts For Entry.
All The Levels Are Given In The Chart.
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I hope you can now see how BATAINDIA represents an excellent low risk profit entry setup allowing you to trade in the market. Take positions so that the risk/reward is in your favor.
Knowing why, where & when a strong reversal signal is being generated will be the only way to capitalize on your technical analysis .
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