One 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 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.
BataIndia giving buy breakout above 465, so it can be bought above 465.20 for the upside movement till 469.80 if do not fall below 460.50 after the breakout.
Bata 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...
The 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.
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
