#Freshview keep it on watchlist BATAINDIA gave closing below support region. Breaking down 1430 Level can be weakness
Note : This is Chart 2 (Hourly Time frame) and is a part of the previous Bata India analysis that I just published. Please study both charts before taking any decision. Cheers !!
TAKE MY WORD FOR IT - THERE MAY BE LESS TO MAKE OUT HERE, BUT PLENTY TO LEARN IN THIS ONE Was talking to an expert who told me that Bata India is a "Long", so I pulled up the charts. Here's what I found that stunned me. Initially, all looked hunky-dory on the Weekly chart (refer 1st chart), but when I moved on to the Hourly (refer 2nd chart), the story turned...
Previous resistance acting as a support. Buy BATA INDIA if it holds the level of 1450 and hold for the upside targets of 1620/1710 . Make an exit whenever prices starts falling below the level of 1400.
BATAINDIA READY TO FALL , Making a head and shoulders pattern
Bata has clearly formed a Head and Shoulders pattern. It is also present at the major support which also seems to be the neckline of the head and shoulders pattern. Any 1day candle close below 1450 can trigger a sell signal with target of 1350.
Buy bata above 1490 TGT 1565 SL 1440. levels given on chart
sale for target 1370 and below with stop 1500 cmp 1450 disclaimer - trade @ own risk
Now it looks exhausted at top by making Head And Shoulder Pattern. 1480-1460 is the Neckline Zone for H&S. Time to be careful for the Shareholders Of BataIndia.
Stock has formed Head and Shoulders on higher Time frames. Sell below 1452 for targets of 1415, 1388, 1300 in swing For Intraday sell below today's low for 1.5%-2% target
Bataindia Head and shoulder pattern Breakdown Disclaimer I am not sebi registered analyst My studies are for educational purpose only Consult your financial advisor before trading or investing
BATAINDIA came to support zone making LH and LL Going below 1452 is weakness
12EMA reducing distance with 50EMA, Closing funnel , 12EMA may likely cross 50EMA downward if prices stay lower during week. Retest of 20EMA, 50EMA failed on day close basis. Short entry at confluence of flattened 50EMA and retest of 0.618 Fibo, gives double confirmation. Price direction on lower side has higher probability.
Bata India looks good for tomorrow if sustains above Trendline - Buy above 1598
Bata India will give you medium term targets of 2200
Buy bata above 1586 TGT 1590-1595-1600 SL 1580
NSE:BATAINDIA Above 1530 the stock can head higher towards 1545/1560/1580 levels as long as 1508 levels is not breached. All ideas shared are for educational purpose only.