Another trade setup on similar lines of Nifty but with approximate risk/reward but I suggest you to check with your trade plan & I agree its heavily consolidating. So lets watch, how this one performs...
It is been observed on the daily chart that the price action is breaking out from a rising wedge indicating a further bearishness and weakness ahead.
Target 1: 1500
Target 2: 1480
Stoploss: 1560
It is been observed on the daily chart that the price action is forming a bullish hidden RSI divergence where price action is forming higher lows where as RSI oscillator forming lower lows, indicating a trend change and bullish move ahead.
Target 1: 1550
Target 2: 1600
Stoploss: 1450
BSE:TATAELXSI
Recommendation--> Buy: 1490 - Sell: 1535, 1560, 1600 - StopLoss: 1470
RSI is near 50 which will cross the 60,70 and 80 levels in 3,7 and 10 trading days
Trading sideways in the range of 4.25% (1411 - 1470 - 1530) for 3 months.
On Balance Volume constantly increasing which means accumulation is happening before next breakout.
...
NSE:TATAELXSI has crossed the downward trendline but without much conviction.
Soon, it may see the levels failing to hold up and might trade below the range lines.
Stop loss can be maintained on the upward line.
TataElxsi is giving a Buy Setup and is ready for a substantial upmove upon breakout. I would be buy stock around current levels with stoploss just below 1590 for a Target of 1800 / 2000. Details are on the chart.
Happy Trading!!
Siraj Hudda, CFTe
Web: www.prowaveanalysis.com
Skype: sirajhudda
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