Double Bottom pattern observed in Tata Chemicals. Neck level was broken in second week of May thereby confirming the pattern. The recent fall could be counted as neck level retesting. In that case the stock will move up to 672 where the pattern target falls. However, a trendline still holds and we could see noticeable resistances at 635 and 658. A break above 635...
Stock made doji and gravestone doji pattern at downtrend also able to survive above fibonacci retracement level.
Note : Not a single indicator is supporting for long trade. Very risky trade
Buy above 592 Target = 596, 599 SL = 588(Only for risky traders)
Sell Below 588 target = 584, 581 SL = 592
Tata chemical is above cloud on 125 min chart, the chakou is above the price as well as free to move up, along with a positive tenken-kejun cross. Indicating a possibility of upmove in this stock.
Is a more Risky trade but one can buy small qty at 580-85 levels wih stop of 569 and target of 600-620-640.
Buy Tata Chemicals on dips with SL of 553 and targetes of 572/579.
Adjust trading volumes as per entry price.
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1. Ascending triangle breakout done.
2. Indicators are showing bullish signals.
3.Daily,Weekly MACD crossover may happen on upcoming days&weeks.
These factors may help to reach our target levels.