The RSI is facing resistance at the bearish extreme levels. We can notice the price action hasn't been too supportive for longs. A not so prominent H&S is noticed. Breaking below the neckline may result into deep corrections.
There is a head And shoulders pattern formation near the supply zone for the TATAGLOBAL and hence we can expect a trend reversal and momentum to downside ..
Listed the possible entry , SL and TP level .. lets see how market moves .
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Getting weak on daily chart,
Weekly chart trend still intact, last week candle did hit the trend line but got supported and close above that.
Compare with earlier swing fibb retracement show its current at 0.382 lvl of.
Using daily weakness to accumulate if it holds 228 price level.
NSE:TATAGLOBAL Reversal possibility at 256.35 with SL 254.15 and three potential targets.
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Always risk 1% of account size per trade, adjust the position size accordingly
Buy above 238 with stop loss of 228 for target 260 & 268
Tata Global Beverage has reversed the downtrend with inverse H&S pattern on all time frames. Volume was very high on breakout. RSI is in comfortable zone. After breakout from H&S, now it has formed bullish Flag which is a continuation pattern. Breakout of flag will be above 236 but for margin of saftery,...