Tata Elexi made a Higher high after the recent Tata surge and made a double top after.
It is a bit overvalued in this stage and if it breakes the the support , you might find a good shorting opportunity till it's base.
Also for traders taking delivery , a good long opportunity can be seen near the target price.
Tata Elxsi has outperformed its peers over the year. Everyone's looking for the right entry to buy the stock.
Now's the chance to buy the stock if at all it reaches the PRZ/demand zone mentioned on the chart.
The stock may exhibit the XABCD bullish shark pattern, which is completed only if the price reaches the mentioned demand zone.
Buy in the demand zone and...
Long on Tata Elxsi
Scrip has shown positive signs of a breakout before going to the consolidation zone. Results upcoming shortly could trend the stock in an upward direction of 7-8% to observe and learn.
Be wary of downside too, if the channel is broken or 4800 on closing basis would not be a good sign. Please perform your own analysis.
Pl note: Not a...
Selling if the price breaches the neckline of the pattern and sustains.
But in a bullish market if the pattern fails, buying only if price sustains above the high of the right shoulder.
Tata Elxsi
- Pennant pattern formation with 30 DEMA support.
- Volume and Price contracting within the pennant triangle.
- On the verge of breakout, prefer with good volumes.
- Can go long on breakout of pennant triangle.
- On weekly chart, stock in Stage 2 uptrend, this pullback may be an entry opportunity in uptrend for traders.
Only for educational purposes....
Currently RSI <70
IT stocks outperforming market
MACD signal line crossing MACD from below.
Hinting that still strength is left in IT stocks.
Stocks to look out for :
Mindtree
MPHASIS
COFORGE
TATELXIS
HAPPISTMINDS
Price - ₹4295.40 Date - 09.07.2021
On a daily chart, the stock took support at 4176.05 and ended the day with a gain of more than 2%. Stock is ready to move up and I am expecting better quarterly results on Thursday which can fuel the price to 4652 levels.
TATA ELXI
Good Chart pattern is formed, has been taking support at TL.
Fresh breakout is given on 2Hr TF, but waiting for retest of BO.
Will make position if retest is done or if it sustains above 3903 for more than 2HR.
RSI Is showing negative divergence, hence there is a chance that it will retest the BO.
***I AM NOT RESPONSIBLE FOR YOUR PROFIT AND LOSS. DO...
![TATAELXSI: TATA ELXSI [head and shoulders pattern]](https://s3.tradingview.com/m/MTMg45lD_mid.png "TATA ELXSI [head and shoulders pattern]")
