TATA CONSUMER: MONTHLY CHART (Elliot waves targets)
It's in 4th corrective wave (in progression), it may complete around 600-700 level ( either 24% or 38% retracement of wave 3)
Targets for the 5th impulse wave would be 950,1300,1750 level, 62% of wave 1-3 retracement, 162% of wave 4, wave 5 equals to wave 1 respectively.
Bearish on short term, Long term trend...
Hi! One should always trade what they see and not what they feel.
After looking at the news where Tata has bought a good stake in Bigbasket (I am bullish for long term) but looking at the charts they tell me to short as it fits my checklist.
I might be wrong or right but what matters the most is how much you are willing to loose...
Note: This is for educational purpose only.
There seems to be a first pullback post breakout with high volume. Volumes are reducing while pullback which indicates less selling pressure. RSI above 65 indicates bullish momentum.
Tata consumer Closed above the resistance line 534.50 which gives target of 566 in short term. few factors indicating the support for target in 1 hr candle you will hammer supported by 50mvg, next when ever RSI turns above 70 mark it given consecutive 3 days of uptrend we can expect from next trading day,
The stock broke out of ₹525 last Thursday, thereby confirming the bull-flag chart pattern. After marking a high of ₹544.5, the price softened and is now finding support of 20-day simple moving average. Since the scrip is in a sharp uptrend, it is expected to extend the rally in the upcoming sessions and so, the current price level seems like good entry area. The...