Yesterday I was trapped in NBCC and suffered small loss..see >>>
So the stock was already on my radar. Today, my buy setup was to wait for closing above 255 (my psychological key level yesterday) on 5 min. chart and enter above this closing candle. After few hiccups in the morning,...
Symmetric Triangle formation on Tatachem and may break either side but currently seems like to break on downside. MACD also currently on below '0'. Anyway this pattern may break either side so trade only after break out happen.
Trade for Long:
Buy above - 626.50
Target 1 - 635.50
Target 2 - 644.00
Stop Loss - 613.50
Trade for Short:
Short below - 613.50
Hi! I trade NSE stocks using Demand and Supply zone strategy, mostly in Weekly time frame.
Here's a trading plan for TATACHEM.
Weekly location: Equilibrium (all time high - so trend determines our trade)
Daily trend: Up (Let's go long)
Hourly zones: Marked on chart
Note: Target, Entry and SL on chart
The stock has been near its all time-highs.
It has twice failed to sustain above the highs made in October.
It's been consolidating in a range now, any breakout upwards sends a very bullish signal.
It's rising since I last posted about it ( see in related ideas )
Tata Chemical is showing head a shoulders pattern. Expect downwards movement to 545 levels. This is also confirmed by the MACD falling below the signal line.
The short term chart (thanks to Vanati) shows a descending triangle pattern with a dead cat bounce.