TATA ELXSI Symmetrical Triangle Breakout
A symmetrical triangle chart pattern represents a period of consolidation before the price is forced to breakout or breakdown. A breakdown from the lower trendline marks the start of a new bearish trend, while a breakout from the upper trendline indicates the start of a new bullish trend.
Had a long Bull run from levels of 1527.
Not horse seems to be resting and preparing for next run.
Watch out for breakout from flag.
2504 is an important support.
Fundamentally also stock is very good.
#Always do self analysis before you trade.
Tataelxsi weekly bullish flag formation for investors
Strong fundamentals for positional long term with tp of 3366-3699-4064
can average on correction for long term
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Note: This is for educational purpose only.
As per the price action, there seems to be a dynamic support at 21 EMA. Post pullback, there seems to be a bullish hammer formation at 21 EMA.
Expecting price to bounce back.