Wild Bull 📈 There's a potential movement upside to 9181 (21st june) --- 9333 (12th july)
Disclaimer:
It's a personal view not a financial advise and I assume no responsibility and liability whatever outcome arises.
Tataelxsitrend
Technical Analysis: Tata Elxsi Breakout📈 INTRODUCTION 🚀
In this technical analysis, we'll explore the breakout in Tata Elxsi's price. Please note that this analysis is for educational purposes only, and I am not a SEBI registered analyst. Let's dive into the details!
📊 KEY DETAILS 🚀
🔹 Tata Elxsi's price has been facing resistance since October 2022.
🔹 The resistance supply zone was around 7445 to 7157.
🔹 On the other hand, the price found support at the monthly demand zone.
🔹 The breakout occurred with good volume, indicating strong momentum.
🔹 Before the breakout, the price halted near the resistance, which is a positive sign.
📈 TRADE SETUP 🚀
Based on the analysis, here's a potential trade setup:
🔹 Entry: Current Market Price (CMP) of 7508
🔹 Stop Loss: Below Friday's low, around 7198 with buffer
🔹 Target: Around 8307, just below the daily and weekly supply zone
🔹 Risk-to-Reward: 1:2.5, which is a favourable ratio
📚 EDUCATIONAL INSIGHTS 🚀
Before we conclude, let's define some technical terms for new traders:
🔹 Resistance : A price level where selling pressure exceeds buying pressure, causing the price to pause or reverse.
🔹 Support : A price level where buying pressure exceeds selling pressure, causing the price to pause or reverse.
🔹 Breakout : When the price moves above a significant resistance level or below a significant support level, often accompanied by increased volume.
🔹 Supply Zone : An area where sellers are likely to be present in large numbers, causing the price to struggle to rise further.
🔹 Demand Zone : An area where buyers are likely to be present in large numbers, causing the price to find support and potentially reverse.
Remember, it's essential to continue learning and understanding these concepts to become a skilled trader.
🙌 CONCLUSION 🚀
In conclusion, Tata Elxsi has experienced a breakout from its long-standing resistance. Based on the analysis, a potential trade setup has been identified. As always, do your own research and exercise caution while trading.
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Tata Elxsi - Short OpportunityShort 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. So, we can go for short if this stock retests at the neckline.
