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...
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.
Looks like the third impulse wave of TATA motors has come to an end. Expecting a complex correction for wave 4 around 515 ~ 540.
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. Target: 532 Stoploss: 552
Its been observed that Tatamotors started upward journey after the correction. Certainly looking for 590+
going good by price action we saw it retraced to point 2..now going to target 3.. go long stop loss below 2.
A move below 522 spot and sustain for 2-3 candles (30 min TF) and thud, its all over for TaMo for a target price of 500-ish approx.
NSE:CNXAUTO is following classical elliot wave theory. Wave A-B-C in progress
A resistance band at 544 odd levels. If unable to cross, expect 532 again.
It would be good to go long at the bottom of the channel with a SL just below the channel. RR would be good there.
The price action has been trending up for a while and now it has touched and entered the previous resistance level at around 595-600 levels. It is also important to note that there is also a formation of a bearish harmonic pattern. It is wise to wait to initiate longs in it until the price action breaks and closes above 601. Apparently, there is a good chance of a...
Wave 4 is well within 50% Fibs of wave 3 but a gap up open may spoil the plan, but if we get proper open in our zone and valid confirmation, we can enter short positions towards 490's. Tatamotors chart almost looks similar to our Nifty. Happy Trading !