BATA INDIA WEEKLY ELLIOTT VIEW - THE BIG PICTUREBuy bata india only if it dips to the range of 310 to 320 with a target of above 700 rs.
BATAINDIA
#BATAINDIA short term spiked price increase momentum phasing outOne can expect the price to see a correction of atleast 5% in the coming days after a sudden spike in price by almost 37% in a little over 3 months.
RSI on daily chart indicates that it is in overbought territory and the overall trend is downwards as well after the price peaked in early 2015.
Bata India closed at channel resistance with bearish signBata India closed touching channel resistance,we may see further down side towards approaching the support around 520.
BATAINDIA - breakout FOR educational purpose only - buy bataindia above 518 with sl of 505 tgt 610-620. revise sl as price rises.
Bata India to approach channel resistance 520Bata India has been recovering from down trend and trading in rising channel, it has been trading at support of channel and may approach towards resistance around 520 in near term.
Bata India touching long term support, preparing for breakout upBata India fell nose down in August'16 and has been continued in the bearish mode,it formed a bearish flag,and has completed almost 80% flag pole target and preparing to trend reversal, we may see this stock to retest again the support before breakout. trader may go short up to 448.50 and wait for direction, it may consolidate also before breakout. we may enter this stock after the breakout of falling wedge pattern with a target of somewhere between 520-521 in near term.
Bata India - Bullish HarmonicThe stock is down by ~22% in last 3 months and the Bullish Anti Butterfly suggest reversal on cards. The reversal would take price back to 520-550 levels till 445 is held.
Bata India Trendline Breakout It is been observed that the price action breaks out from the downward trend line on hourly chart indication bullishness. The price action is moving up to 38.2% Fibonacci levels which is our Target 1 and once it breaks above it then it shall move further up to Target 2 of Fibonacci 50% levels.
Target 1: 510
Stoploss: 494
