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...
Bata is in a correction phase after a strong move to the downside. It has developed a rising bear flag formation as seen in the chart above. Traders can look for selling opportunities after the trendline of this bear flag has been broken to the downside which is 1305.
Target - 1253
Will bulls come back at the mentioned support zone or will have to say tata to bata?
Scrip has got major support zone at 1265 to 1280 zone, this zone can attract bulls for target 1324/1360/1390/1414
Sl will depend on how scrip moves from the zone, if fails to hold the zone, the setup will be failed and will look below to go long around 1216 levels, no shorting...
BATAINDIA (Bata India Ltd) BUY ABOVE 1451.
Continuous price rejection from trendline and today's closing slightly below the previous Resistance of 1451. If price moves above 1451 with price rejection at the lower level, it will be a good buying opportunity for a target of 1460, 1470 and 1475.
Bata seems to finished or its about to finish the Flat corrective structure , after a down move. This pattern I am looking at is one of the simplest and common patterns that occur. Bata could also be in a complex correction- however there is not enough data to see a complex correction. This could mean that Bata could continue to move down for a retest of the...
BATAINDIA is moving in an upward channel and formed a small double top on hourly and broke down the neckline ,
expected to touch the bottom of the trendline .
Can go short at CMP with stop loss of 1475 and target of 1420 .
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
if you have any queries regarding above idea or any other stock feel free to D'M
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