Tata Motors has been trading in channel and touched the channel support and approaching the channel resistance around 493 in near term.
BY MISTAKE CALL MARKED AS SHORT, ITS BUY CALL
for educational purpose - tatamotors has completed pullback and now downtrend will resume. so short below 466 with sl of 476 with tgt 435-440. revise sl with price decline.
Overall trend is down. If goes down, then it will support near 430 area. Since there was a huge volume when it reached the support of 430 last time, this time its gonna be difficult. SHORT if the next candle is red with huge volume.
for educational purpose tatamotors is trying to close above 464 (fib .236) but failed if it closes above then 481 (fib .382) will be next target. but below 457.5 go short with sl of 465 with target 448.
Looking this weekly chart, I have a strong suspicion that this could be a prolonged phase of distribution or ranging price action between the Magenta horizontal lines.
Price has been rejected from the upper parallel of the down-sloping fork. As per Andrews rules, there is a strong case now for a test of the medianline or the middle line of that green...
Here's a potential long setup .
CMP - 513.55
Buy close to 509, whatever market gives.
SL - 505 ( 4 Rs )
Target 1 - 518
Target 2 - 531
This is according to a strategy I learnt in an expensive professional course. Let's see.
Thanks.
With reference to my previous post on this subject some mates have shown interest in leaning and waned to make it more clearer so I have prepared another chart with 2 Action/Reaction Set. One has captured the top beautifully and another one is in action so we can observe the outcome in coming days. Any Queries/Question are welcomed. The steps required
1. Draw a...
Tata Motors -
1. Here you can see, NSE:TATAMOTORS is on resistance on daily trendline.
2. Also, you can see the earlier resistance area which might turn out to be support and help in breaking out of the downward sloping trendline.
3. Otherwise if it doesn't find demand, we may see levels of the previous swing lows.
4. There's a divergence with the OBV...
The stock is forming bearish Engulfing at .786 Fibonacci level. I would trade it at this level for a short term gain hoping the retracement : risking 10 points and looking for a reward of 12 only as there is nearby support. Risk to reward is not lucrative but mostly such setup reward the small profit.
Ascending Triangle on TATA Motors and will break the top line of the triangle. Indicators like RSI, MACD & Stochastic are showing bullish sign.
Trade:
Buy above - 483
Target 1 - 499
Target 2 - 516
Stop Loss - 467
Reward Points - 33
Risk Points - 16
"Happy Trading"
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 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...
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 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...
