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TATA Motors, A bullish Pattern breaking bearishCOVID-19 Pandemic has certainly hurt Auto industry badly.
TATA Motors has broke below long term trendline and also descending wedge pattern.
Don't take any new trades for next few weeks until the Pandemic settles down. If the Virus creates Havoc Globally , All Hell may break loose.
If you really want to trade this , Average your Buy orders down From 65 Rs and below.
TATA MOTORSCHART SHOULD LOOK AS GIVEN BELOW:
TATA MOTORS BEING IN BEARISH WOLFE WAVE . NOW AT A VERGE OF MAKE OR BREAK POINT.
i) GREEN LINES ARE THE EXPECTED SUPPORT POINTS
ii) RED LINE IS THE TARGET LINE
iii ) BLACK LINE IS THE DERIVATION OF PARALLEL CHANNEL DRAWN TO INDICATE SWEET ZONE
AND THERE IS A GOOD CHANCE OF VIOLATING THIS BEARISH WOLFE WAVE BY GETTING IN TO THE SWEET ZONE (Heading towards 220), BECAUSE OF A PENDING BULLISH WOLFE WAVE WHICH WAS IDENTIFIED EARLIER. ORELSE I HOPE YOU DIDN'T MISSED POINT NUMBER 2.
LINK TO THE PREVIOUS CHART BULLISH WOLFE WAVE FORMATION IS BELOW