TVS Motors made channel breakout last weekend but closed just inside the channel resistance making a find shooting star candle stick pattern which is bearish sign, we may see the stock to again trading in the channel to its support 390 in near term and very small SL 414 or if open above the trend line.
Channel, Pitchfork and Trend line all are meeting beautifully at a single point. Bearish Engulfing today offers a potential short trade at this juncture. I expect it to move easily for the first target of 360 and even further till 340. Stop Loss 393. Similar Setup in Reliance worked well recently.
TVS motor is showing a break out at current levels. Multiple indicators confirm this, the stock is showing strong relative strength to the Nifty Index. Recommend to enter at current levels with stop losses at 365 and 350.
It is been observed on the hourly chart that the price action breaks and gaps below the up trending channel on hourly chart. It is indicating a bears come back with strong pressure. Now, it shall further go down to the next support levels.
Target: 350
Stoploss: 365
The pattern formed in TVS motors suggests that it is undergoing a zig zag correction. Wave A and Wave B of the correction is already over. I am expecting wave C to be either 100%, 138% or 161.8% of wave A. Also it can be noticed that the support line in wave B is broken. The complete pattern assumption becomes invalid, if the high 380 is broken. Let's wait and...
TVS Motors after breaking its bullish channel has turned bearish, it is technically looking week to break upward resistance. It has retarced to crucial 50% fibo level and may go upward but before upward it seems to be looking to retest the 50% level again around 350.00, traders may go short in this stock with a target of 350 again and then go long if doesn't break...
It is been observed that the price action is trending up in a channel on Daily chart. Now, on 30 Mins chart, it formed a wedge pattern or diagonal triangle and breaks out from that and moving further down. As per the Fibonacci estimation, I would target it to 38.2 % Fibonacci.
Target: 372
Stoploss: 394
As observed on daily chart, the price action is been trending up in an uptrend channel. Now the price action has reached out to the upper trendline or resistance line of the channel where we could see selling. This shall retrace the prices again and will be counted as a counter reversal trade.
Target: 360
Stoploss: 386
Risk Reward: 1-5
It is been observed that the price action breaks through the preceding diagonal wedge and also trending up in a uptrend channel. It shall move further up from the current price action. It may also be consider a a long term investment from now onwards as it breaks monthly resistance levels of 341 today.
Next Target: 365
Stoploss: 330
It is good to be back on...
It is been observed that the price action moving in a uptrending channel. Currently the price action has reached to the uptrend channel resistance, it will be interesting to watch from here on that the price action will break above the resistance or retraces back to the support levels of the channel.
