Tatamotors hourly chart suggests potential Bearish Butterfly Harmonic pattern setup.
We are currently in the D leg.
If the setup is correct we can wait for the reversal sign between 480 - 490.
That will be good trading opportunity for creating the short's position.
Since Currency Demonetization Entire Auto sector is coming down specially until everything gets regular.
Resistance is observed around 472. which is also 0.382 extension.
CMP 460 Stoploss 472 Target 433
If that bullish harmonic pattern kicks upto its full potential Horse power, the Tatamotors will accelerate to 600's. A daily close above the trendline (red) will ensure that. I drew Elliott at the end of my analysis, so you may or may not use wave counts - there is no issues. We can analyse Tatamotors simply with support & trendlines.
Support zone at 500's is...
Tata Motors Ltd.after breaking its long term uptrend seems to be trading in bearish channel and trading retesting channel support and resistance. traders may enter short Tata Motors a CMP for a target of 485.00 and again long for a target of around 525.00 if down ward breakout doen't occurs. if it breaks 470.00 then it will approach to next support 433.00 the fibo...
Tata Motors after a long up trend journey broke at 550.00 and again struggling to retest the previous level which is best short entry point in this stock, trader may go short at CMP, conservative trader may wait whether up ward breakout occurs or not. if not go short for a target of 487.00 and second target may be around 432.00 in near term.
We have a structure within a structure. If 510 level remains unbroken we have an interesting setup in TATAMOTORS.
Currently we have Bullish BAT setup, providing 510 support really works as a support :).
If Tatamotors starts moving upside then we can have a potential bearish harmonic setup. Since C leg is almost near to A leg and channel resistance makes me guess...
As observed the price is moving in an ascending channel and this has been a buying opportunity whenever price has taken support on the lower band of the channel. Price since Feb 2016 has not been able to break the channel, taking multiple supports on it making a very strong support over time. It has also taken support at 50 day SMA.
Also, lately the price has...
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.
Target: 532
Stoploss: 552
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
