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Tatamotors-breakout

Is Tata Motors attempting a Breakout?Looks like Tata Motors is heading up. The chart suggests that it is attempting a Breakout near 120. Points to ponder: 1. The candles of last 4 days have a small range and small bodies which may suggest a breakout. But not necessarily. 2. The volumes are decently mediocre. Nothing extravagant in that. 3. The retracement candles are red and bigger than their counterpart green ones which indicate lack of momentum 4. And last but not the least, MFI is at 77, approaching a breach at 80. The Opening of the week is important. The stock retains it Control Price at 103 on Volume and Market Profile. A failed breakout at 120 may see a reversal to the mean. Happy Trading!
NSE:TATAMOTORS
by AatishRThakur
Tata Motors - Readying for a long driveWith multiple headwinds, the stock had corrected big time and is now on the path of recovery aided in part by the easing of the global pandemic led economic lockdown. While it was tempting to have entered the stock at levels closer to 70, we needed to be certain of the recovery path. In the past month, the stock had attempted to retrace but failed at the 23.6% hurdle. Now, the stock finally closed above that level with a strong green candle after a series of green candles. MACD has moved into positive territory, volume has gone up adding to conviction, Ichimoku bullish crossover has happened ... the list is long...Good to go long with Tgt 1 - 116,TGT 2 - 122 and a TGT 3 of 132. SL 94.
NSE:TATAMOTORSLong
by s.arun.natesh