At 1119 the RSI was at 83-84 & now at 1276 the RSI is around 75 shows a clear sign of overvaluation & also steeper the climb faster is the downfall. Short @ 1280-1300 & for a T1 of 1080 & T2 of 850.
BATAINDIA is testing lower edge of rising wedge pattern which is bearish in nature. Since this is 3rd possible touch, we can have another bounce back as well. We should be prepared for trade based on confirmation as it is standing as very important...
Bata has made significant move with in short period of time form its recent brake out as impulse leg up
One can wait for brake of the structure and close below , then look for sell set up , and book near the take profit using trailing stop method
BATATINDIA looks good to shot below 1770 with a target of 1685 an stop loss of 1840.
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BATAINDIA
