Tata Motors inverse head and shoulder breakout on monthly tf
closing above 650 can lead to 830 and final 950+
risk reward ration will be 4.1
dc : only for educational and learning purpose
Tata Motors is very clear case study of Buy on rumour Sell on News. Some strong hands must have Demerger News before public. Now those who bought before this rally will book profit.
Do not buy it until it correct itself and consolidate at 820-810.
Short/Sell at this level with stoploss 1066(Today's High) to get reward of news selling.
Price may go up and reach the target
Price in higher time frame is showing bullish confirmation followed by pullback in 5mins this shows primary trend is bullish and secondary trend is occurs and entry taken at the end of secondary trend that is confirmed by bullish candle at lower timeframe
The stock has given a breakout from a cup and handle pattern moreover after breakout the stock has retested and again formed a small cup and handle pattern the target can be 1133
Tata motors has shown a superb bullish rally but this seems a formation of shooting star
stay cautious in bullish trade study and think and then trade carefully
#TATAMOTORS trading above Resistance of 941
Next Resistance is at 1483
Support is at 600
Here are previous charts:
Chart is self explanatory. Levels of breakout, possible up-moves (where stock may find resistances) and support (close below which, setup will be invalidated) are clearly defined.
Disclaimer: This is for demonstration and educational...
According to the long term monthly trendline, looks like a 40% gain still left in the TANK. On the basis of pure technicals only.
ONLY FOR EDUCATIONAL PURPOSESS
