Ascending Triangle on TATA Motors and will break the top line of the triangle. Indicators like RSI, MACD & Stochastic are showing bullish sign.
Buy above - 483
Target 1 - 499
Target 2 - 516
Stop Loss - 467
Reward Points - 33
Risk Points - 16
Tata Motors has been trading in down trend and has retreced exactly critical 50% of fibo level also forming falling wedge which signs bullish movement after breakout. as tata motors experiencing trouble due to Mistry's ouster. It seems to break the wedge pattern anytime upside when market shows some strength. traders may go long on tata motors after the breakout...
tata motors chart indicates that it bottom out for now. Along with time the bottom confirmed with price at multiple support levels.It has been 90 days since the last high. One can long for higher targets and immediate target of 445
Tata Motors Ltd.after breaking its long term uptrend seems to be trading in bearish channel and trading retesting channel support and resistance. traders may enter short Tata Motors a CMP for a target of 485.00 and again long for a target of around 525.00 if down ward breakout doen't occurs. if it breaks 470.00 then it will approach to next support 433.00 the fibo...
If that bullish harmonic pattern kicks upto its full potential Horse power, the Tatamotors will accelerate to 600's. A daily close above the trendline (red) will ensure that. I drew Elliott at the end of my analysis, so you may or may not use wave counts - there is no issues. We can analyse Tatamotors simply with support & trendlines.
Support zone at 500's is...
Tata Motors after a long up trend journey broke at 550.00 and again struggling to retest the previous level which is best short entry point in this stock, trader may go short at CMP, conservative trader may wait whether up ward breakout occurs or not. if not go short for a target of 487.00 and second target may be around 432.00 in near term.
It is been observed that the price action forms a descending triangle on hourly chart, forming lower highs. Now the price action breaks out from the triangle, indicating weakness ahead.