TATA power is breaking out from a symmetrical triangle.
What is the trend prior to the formation? UPTREND.
What is the predicted trend after the symmetrical triangle? UPTREND (going by theory of a symmetric triangle)
Is the symmetrical triangle confirmed? Yes, consolidated volumes.
What is the idea? Go long on tata power. Super formations.
Tatapower having a bullish approach through a changing channel.
ABCD harmonic pattern created with multichannel setup where BC has done a perfect Fibonacci retrenchment of 0.786 i.e. at Rs.50.35.
Now expected move is CD which could be Rs.67 to Rs.77. as per channel and Fibonacci Extension level.
Tata power in the Recent Rally broke a long term trendline and then again took support around levels of Rs.50. It showed further consolidation before it broke the levels of Rs. 54.2. Now it is consolidating again in a channel pattern and rose by 2.36% in the last trading session but still remained intact in the channel. Have it in the watchlist, it can give you...
Now price is at a Major level - if a healthy breakout happens, its most likely to take the price to higher levels.
also, Possible for a retracement to 49 levels.. and if sustain this level most likely to move as drown in the chart.
This Analysis Is Done Only For Educational Purpose, Never Invest Or Trade based on this. I have all the rights to be wrong on my...