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TATAMOTORS looks like a buy climax and now retracing sharply and expecting to test the breakout points . Can go short with SL 168 and targets mentioned in charts.
FORMED BEARISH BUTTERFLY PATTERN AND ALSO FALLING FROM FIBONACCI`S 50 % LEVEL VERY IMPORTANT LEVEL TARGETS ARE GIVEN FOR SHORTS STOP LOSS MIGHT BE 174.65
NOTE: FOR EDUCATION PURPOSE ONLY TRADE AT YOUR OWN RISK I MAY BE WRONG :)
Tata motors is expected to give a good entry to buy between 155 to 160.
Reason for 160 - 38 % retracement of wave iii
Reason for 155 - upper border of trend line giving a good support on previous occasions.
Expected target is above 190
Because of 38 % Projection
Disclaimer - i can be wrong !!!
Declining RSI and other Tech analysis shows that Tata motors will have sell off pressure in the coming days, Short CMP and add stop Loss of 180 for any reversal, Expected targets - 163, 157 and 140 Shortly
Tata motors are very close to the supply zones, I am expecting the two way track method of travelling with the price action. Either it will break the long term trend line, for me it is difficult to do because need one more better results to break the trend , but if it do so then it will take rest on the trend line for a while before it take off....