Tata metaliks had been trading within the symmetrical triangle pattern. Recently, the security has taken a breakout from the pattern in the daily time frame. Therefore traders should grab the buy opportunity
If tomorrow's market(i,e: 18/05/2021) opens above the support line then Buy. It previously created a rising wedge but failed to complete the pattern and now it has created a price channel it may work.
Targets are as shown in the image.
Tatametaliks given multi year breakout , now stock is on correction mode.
If price retest last breakout level then surely we can see a good upside movement from here.
Trade setup based on weekly demand zone or last breakout price zone.
Entry - 927
Target - 1183
SL - 798
This setup will be a good opportunity for whom missed breakout.
- Great breakout after a consolidation with Huge volumes
- Past Candles showing Buying pressure
- A good entry can be 970 with a stoploss of 860
- Great Volumes validating the buying pressure
- Breakout after a consolidation
TATA METALIKS CHART..
position since one month from 711 levels..
added at 765 levels or so..
waiting for above 800 DCB..
metals sector currently too strong.. the stock had been underperformer mainly due to to merger news with tata steel long products and TTSTLLP having circuit of 5% while metaliks with circuit of 20%..
In continuation with the previous post of Tata Metaliks it is clear that the scripts is in bullish trend.
This script is perfectly working with all the important Fibonacci ratios since the trend has started in this hourly chart.
Now , I am expecting this move will continue till 663.
It may ride ahead towards next level i.e. 703 level or it may retrace till 621...
Tata Metaliks is very bullish and already achieved short term target but very much undervalue stock.
One can start accumulation of this stock from below levels if at all you get chance....
accumulation levels : 592/578/568/544
Target 686 and above
Tata Metaliks is an undervalued stock to invest.
We need to get a perfect entry for these types of scripts.
Its in a bullish parallel channel since May 2020 and given a healthy reward since then.
Now once again there is a chance to enter in to this stock.
This is a fundamentally strong stock to keep in the portfolio.
An Inverse H&S pattern is under formation. The right shoulder is yet to complete however as per he weekly charts where the prices are moving within a downward channel is expected to touch 755. Once the neckline is broken i.e closing above 775 (this will also act as a channel breakout) it can reach a target of 900 levels.
Conditional Buy: closing above 775 only....