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TATA POWER: ON THE VERGE OF A GOLDEN CROSSTata Power is on the verge of forming a golden cross. A Golden Cross is a basic technical indicator that occurs in the market when a short term moving average (50-day) of an asset rises above a long-term moving average (200-day). When i see a Golden Cross occur, i view the chart pattern as indicative of a strong bull run. Stock is near 52W high with significant volumes and RSI is also indicating price strength. Target: 150 Horizon: 12W
NSE:TATAPOWERLong
by Chinmayonniftyy
Tata Power – Conditional Trade (Long 124/Short 86)Tata Power is currently trading under its 50 DMA after a sell off in Indian Markets this week. The fact that they have dropped their solar power deal with Petronas did not help the situation. Scenario #1: Short IF: Price breaks the overall bottom trendline (bold blue) with above average volumes. Target price can be set at ~86.40, with a stop loss at 94. Scenario #2: Long IF: 1)Price breaks above 96.35 with above average volumes 2)AND continues to break the 50 DMA 3)AND finally continues to break out of the parallel channel 4)One can add more after price breaks through 103, 108 & 115. Target Price can be set at ~124, with an initial Stop loss at 94 (can be adjust to trailing as necessary) Note – We should see the initial break outs within the next 20 days - Based on overall trend, we can assume Scenario #2 will prevail.
NSE:TATAPOWER
by Technical_TB