Tata Motors appears to have finally broken out its 6 months of consolidation in the form of a triangle.
The breakout looks promising although it's important to check this breakout is sustainable before entering long.
On weekly chart it shows short and trend seems to be Short,
It is possible for a bounce back momentum play on long side
Looking at triangle formation and Fibonacci retracement levels
Possible to go long @ current level with stoploss at 26639/600 for target insight at 27000, 27112.
At 27000, 27112 seems to be a possible resistance level.
Technical bounce back...
NSE: JustDial Dialing Breakdown below 459 to 410
Brief 1 year price range consolidation 640 to 360, price oscillating between this range
Chart is showing weakness built up. Triangle formation shown bearish move.
One can initiate Short at current level @ 476 with stop loss 498/512 for a target of 459, 410.
Break below 410 can push price further to 370.
The stock has broken out of an upward sloping triangle with good volumes.
The shooting star at trendline and bollinger band resistance is followed by a red candle will lead to a pullback to the breakout resistance (now support) giving us an opportunity to buy.
The RSI's overbought signal indicates the same.
A very great stock, also considering the pressure on PSU...