BATAINDIA rallied sharply from a point and
1) formed weak consolidation pattern
2) With RSI divergence
3) And also broke a small falling wedge breakout.
4) Weekly and daily candles are showing strong selloff
There is a possibility that it will revist the level where it witnessed sharp buying (because of corporate tax cut announcement) to gain strength again.
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 in...
Always respect the levels......Market is volatile....always buy near support and sell near resistance with Strict SL
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This pattern is one of the possible pattern , I am looking an another upside move before it gives a sell set up
One can look for set up and take the entry and look to book near forecast
It also has tendency of retesting its peak so i have plotted forecast in red if price reversed for one more internal correction look to book on trailing stop and then...
BATA CHARTS INDICATE A BREAK OUT OF INVERTED H&S PATTERN HAVING NECK LINE AT 1735.
THIS SHOULD SEE THE PRICE REACHING 1950 IN THE COMING WEEKS.
DOES NOT THIS SCRIP GET TIRED CLIMBING UP, ALWAYS??
In Bata India flag pattern formed, if price breaks flag pattern and goes down its a good candidate to short and is its breaks above its a good candidate to long
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Bata India Limited is engaged in the business of manufacturing and trading of footwear and accessories through its retail and wholesale network, and development of real estate. The Company's segments include Footwear & Accessories, and Surplus Property Development. The Footwear & Accessories segment is engaged in the business of manufacturing and trading of footwear and accessories items through its retail and wholesale network. The Surplus Property Development segment is involved in development of surplus property at Batanagar. It offers accessories for women, including hand bags, belts, clutches and scarves, and for men, including shoe care products, wallets and belts. Its brands include Bata, Bata Comfit, Bubblegummers, Hush Puppies, Power, Weinbrenner and Naturalizer. It has a retail network of over 1,200 stores. It also operates a non retail distribution network through its urban wholesale division and caters to various customers through approximately 30,000 dealers.
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BATAINDIA
