Before the results kick in, the trade looks very lucrative from a risk rewards perspective. Its bang on support and if 420 holds, the scrip could witness a bounce in the near term to around 450 and then to 485. Stop loss of 420 (Daily) would negate the trade and infact it will stop and reverse trade !!!
Sellers (Bears) have been really struggling harder for pushing the prices down since many days but couldn't move down. Sellers are getting exhausted and look for long positions. Buyers may target 550 level.
BUY @ 468
TAKE PROFIT = 550
STOP LOSS = 430
Overall trend is down. If goes down, then it will support near 430 area. Since there was a huge volume when it reached the support of 430 last time, this time its gonna be difficult. SHORT if the next candle is red with huge volume.
for educational purpose tatamotors is trying to close above 464 (fib .236) but failed if it closes above then 481 (fib .382) will be next target. but below 457.5 go short with sl of 465 with target 448.
Basic Understanding and Rules for Bingner : -
- Never put trade against the major direction.
- Major direction conformed by first Impulse or some Moving average.
- Don't Trade in Correction Zone.
- Try to figure out which type of correction happen and put tradeline.
- Try to Entry in second Impulse, After breakout Happen.
- Risk to Reward Ratio 1 : 3
Learning gartley pattern
'B" is at least 61.8% retracement of XA should not touch or close above 78.6%
"C" is at least 61.8% retracement of AB leg should not tuch or close above 78.6
"D" the entry point is at 127.2% extension of AB, which in this case comes out to be near 495.
I doubt it will come there .
Will monitor this as long as point C holds true
It is been observed that the price action forms a descending triangle on hourly chart, forming lower highs. Now the price action breaks out from the triangle, indicating weakness ahead.
The price action has been trending up for a while and now it has touched and entered the previous resistance level at around 595-600 levels. It is also important to note that there is also a formation of a bearish harmonic pattern. It is wise to wait to initiate longs in it until the price action breaks and closes above 601. Apparently, there is a good chance of a ...