NSE:BATAINDIA is good to short below 1270 with 1330 as SL. Target 1143-1026. It is exhibiting Bearish AB=CD, Yearly Pivot R1, RSI Bearish Divergence, Highest Call OI at 1300 and Dark Cloud Cover Candlestick Pattern.
Historically BATAINDIA got rejected nicely from 2.618 Fib extension as indicated in chart. It formed Double top pattern before starting correction
Will it work this time too ? Lets wait and watch for price action.
Bata india has been enjoying celebrity status when everything was being thrashed.
looks like the status is coming to end
it has formed a evening star type pattern.looks like the much awaited correction atleast 20 dma is on the cards.. lot of faces will be smiling now :)
Long if it breaks the high of the previous day with a stop loss at the previous day's low.
Short if it breaks the low of the previous day with a stop loss at the previous day's high.
In case of gap up above the previous day's high or gap down below the previous day's low, please avoid buying it or selling it respectively. Follow the ending of the candle formed...
BATA India is showing RSI negative divergence on Weekly as well as Daily timeframes. Hourly timeframe analysis gives a Bearish Bias & a possibility of short term trend reversal.
Can take a Short position on hourly candle close below 1328.
Target = 1280
Stop Loss = 1345.