Tatachemical
uptrend parallel channel pattern in ABFRL.TATACHEM
Key highlights: 💡⚡
📈 On 2Hr Time Frame Stock Showing Reversal of uptrend parallel channel Pattern .
📈It can give movement upto the Reversal target of 330+.
📈There have chances of breakdown of supportlevel too.
📈 After breakdown of support level this stock can gives strong downside rally upto below 296-.
📈 Can Go Short in this stock by placing stop loss above 360 or last swing High.
TATACHEM - Ichimoku Bullish Breakout Stock Name - Tata Chemicals Limited
Ichimoku Cloud Setup :
1). Today's close is above the Conversion Line
2). Future Kumo is Turning Bullish
3). Chikou span is slanting upwards
All these parameters are showing bullishness at Current Market Price
and more bullishness AFTER crossing 1200
#This is not Buy and Sell recommendation to any one. This is for education purpose and a helping hand to learn trading in Market.
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TATACHEM: Near Breakout, on the way to cross ATH.TATACHEM
The parallel channels drew in the chart:
PC-A = PC- B
PC-C = PC-D
All of the four PCs are exactly of SAME width
#WondersOfPC
At point R, levels of 1180, candles respected the resistance of ATH, and came down towards 1030.
There, the candles got strong Support of point S which is the midline of PC-C, and bounce back towards the levels of point R again.
Now today we are at the same levels of point R, conforming the BO of PC-C.
With this strength, we have a strong view that the candles will cross over the Resistance of ATH, and we'll enter new zone
Good time to enter at CMP, we may face some consolidation between 1180-1195, this levels also have resistance of midline of PC-D
for swing trade,
CB SL will be 1124
Near term target 1260
If view goes wrong, we will have better opportunity to pick more for LT portfolio at 1125, and at every dips.
And overall market holds strong from here, we can see stronger Breakout of PC-D
TATA CONSUMER PRODUCT Wait And Watch ??
Look for Low risk, High reward, and High Probability setups-
Things to Remember while Trading with the Trend
1. Know what the trend is.
2. The best trades are made in the direction of the trend.
3. Assume that the main trendline or moving average will hold.
4. The longer the moving average is, the better it defines the trend.
5. Wait for the pullback.
6. Don’t chase the market.
7. Don’t fight the market.
8. Even in the strongest trends there should be some retracement.
9. The closer the market is to the trendline, the better the risk/reward ratio is.
10. Use ADX to determine the strength of the trend.
11. Higher the level of ADX , the stronger the trend, below 20 consider the market to be choppy
12. Hold trades longer in a strong trend.
13. Wait for confirmation of a trendline breaking before reversing position.
14. Know where the Support levels are.
15. Place stops outside the Support levels.
Thank You..
Tata Chemichals - NeutralWait for some retracement before go long. All the drawings appearing in the chart are self explanatory. Nothing wrong in the chart.
Buy around 1000 with SL DCB marked above.
Rationale for waiting, if cant wait and have FOMO then but at CMP.
1. Volume noted in the first breakouts attempts was 21MM roughly, this time it is 13MM. Breakout with lesser volume.
TATA Chem ready to FlyTata chemical is forming very good pattern clearly showing price action formation. Support from this level and bounce will be a good short to mid term trade.
Disclaimer: This study is for educational purpose only & is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.