Market was showing upside breakout, and did not sustain on that price level, and again came back to the trading channel, So that was false breakout. And you can see the red candle on resistance line, so obvious when we see bearish candle near resistance area, then we obviously view that stock now has bearish sentiment.
An interesting behavioral pattern is in continuous formation on monthly charts of #tatapower
1. Since its listing (available chart data) it remains in a consolidation box for about 1852 days
2.Ending this consolidation phase, it enters a parallel rising channel that spans all along 1248 days
3.After this parallel rising channel it again enters in a massive...
today we have seen a little bullish trend in tata power as tata power made a higher high and high low pattern chart in todays market. many people booked heavy profits in todays market by this stock. but if you have this stock in your portfolio then you need to wait until end of this current trend because it will give you good profits without any tension. i hopw...
May be we can Short SELL Tata Power in Tomorrow's Market if it crosses the level of Rs.138.75
if it crosses Level of Rs.138.75
1st Target Price :- 137.30
2nd Target Price:- 136.40
this is not a trading call
i am beginner trader just sharing my thoughts
if i am wrong in this Technical Analysis then please tell me whats wrong in this.......
Thank You in Advance
Tata power, daily macd indicator has given positive crossover and that also above zero line, it looks like the stock has started wave (5) of 3. as of wave (5) unfolds, the stock can possibly rise higher to 140, 146, 151, 160, and 171 levels. one can go long at these levels or in dips (if any opportunity) price can dip towards green box buying zones mentioned on...
Take trade as per the values given in Fibonacci. always trail the stop loss. do your own analysis before taking trade
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Seems extremely bullish after the monthly breakout took place :)
U can now have a position either on the green supporting trendline SL is must and strict with proper risk ( the money u r willing to lose happily )
Or wait for the pattern to fold itself into something better = a breakout from the weak resistance trendline :)
Have a good day and happy trading :)