Titan price movements looks interesting for going long at this level. It moved vertically got consolidated 9 days and giving breakout today. It seems it got strength for the next up move.
As we see Titan confirmed Double Bottom pattern by closing above 325 level. Also there is positive divergence in RSI & MACD histogram indicators at the two bottom levels namely at 303 & 308 confirming the reversal of downtrend. On balance volume also rising. It achieved target price of 350 levels as per double bottom pattern calculation. Next Target price is 375 ....
It is been observed on the daily chart that the price action forms a bullish Marubozu candlestick pattern with a breakout from a downward trend line indicating buyers dominance over the price action and control over prices. It shall move further up to next resistance levels.
Target 1: 332
Target 2: 340
Stoploss: 312
As we can see in the Chart Titan has taken support again at a major trend line support and especially on a day when nifty was down .73% and it has formed a DOJI and its now trading in a very tight channel. I might be wrong but now to go long in Titan with a small stoploss of 380 on a closing basis for a target of 390-395-400 within this series.
The price action broke out from triangle and followed up with big green candlesticks indicated strong buying pressure. At current prices, the price action may move down to 406 levels again as profit booking can be seen and from 406 levels new buying pressure will be asserted in price action to move upto 430 levels or to previous resistance.
Target: 432
Stoploss: 390
