After a big bull run it's time to cool off for some time, this stock on the weekly time frame broken and closed below the important support. Thus further it can slide till the previous swing low i.e. 6480. If any one holds long can exit near the bounce range 7600 - 7750.
Disclaimer : I am not SEBI registered, consult your FA before investing. Happy Trading!!
Short Opportunity -
Tata Elxsi has formed Inverted Cup & Handle pattern, which indicates the bearish movement will come soon. The neckline of this pattern of Rs. 6550.40 is strong support for the previous days. The CPR is narrow and at the downside, which means a strong bearish movement is expected. The CCI is near the -100 level and MA is headed to the downside....
Short Opportunity Expected -
Tata Elxsi is in a sideways zone. there was no such movement given in this stock on the previous trading day. But the narrow CPR is indicating the movement is expected in this stock. If the first candle closes below 6926.70 then there will be a bearish movement (high chances on bearish) as the VWAP has crossed the MA. But we have to...
Tata Elxsi might make a move below 955 in the coming week. It gave up all its gains after touching 1000 and hence a move on the down side could be expected.
TATAELXSI SHORT AT 912 with a Stop-loss of 967 for The Target at 744
Risk 6% & Reward 18.43%
Risk Reward Ratio 1: 3.05
Bearish Continuation Pattern
Descending Triangles
In this “flat-bottom” triangle, the bottom trendline is horizontal and the top trendline slopes downward. The pattern illustrates lows occurring at a constant price level, with highs moving...
