This is the analysis of TATAMETALI in the Daily Time Frame. Watch carefully. The chart explains itself.
If it breaks and sustains above the upcoming resistance level, it is good for the stock.
There are some prediction levels. These Levels act as Support and Resistance according to position of price. You have to trade according to level breakout or...
I am not holding
Disclaimer: This analysis is solely for educational purposes and does not make me a SEBI registered analyst.
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Exciting Bullish Pattern Alert! 🐂
📊 Pattern: Symmetrical Triangle and channel
📌 Symbol/Asset: Tata Metalic
Stock with Strong Support and breakout on channel and RSI.
👉 Remember: Technical patterns are just one piece of the puzzle. Consider conducting further research, consulting with a financial advisor, and managing your risks appropriately.
Tata Metaliks stock been correcting from last 2 years and is at strong support and looks good for next two years. With risk to reward ratio 1:2, stock looks to hold for next 4 years down the line.
Buy - 750-775
First target - 950-975
Second target - 1260-1320
Stoploss/Average - 460-500
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...