Tata Motors continues to look bearishTata Motors continues to look bearish and should get even more bearish going forward. Tata Motors price action has touched the upper channel and started retreating and appears to have just completed its fifth leg in a triangle. The prices should decline briskly in coming days. I would expect the prices should drop as low to Rs.263 in coming weeks and find a bottom somewhere in that region before resuming course in the next phase of an upward run. Now is a good opportunity to go short.
The current price level is Rs.301....should the price go up and cross 306, the trade becomes invalid and one should exit with minimal loss. The risk-reward set up looks attractive now.
