HI,
A good trade setup is developed on BATA INDIA daily chart- Price has been tested the breakout region and now set for fly.
CMP - 496.95
We have target 580+ with a stop loss of 450.
Regards
Gulzar
Bata India has been recovering from down trend and trading in rising channel, it has been trading at support of channel and may approach towards resistance around 520 in near term.
Bata India breaks above flag;
price above kumo cloud;
breaks above tenkan line;
stochastic near oversold zone and cross over.
ADX is between 30 & 40.
Buy Targets - 499 522
Stop Loss - 464
Its been observed that BATAINDIA made a Cup and Handle Pattern. 460 level played a very important role. We can expect this to move more upside.
TP: 485
SL: 455 on closing basis.
Note: Pattern drawings are for learning purpose. There may be difference in opinion for calculation on size of cup and handle. Still learning.
Bata India fell nose down in August'16 and has been continued in the bearish mode,it formed a bearish flag,and has completed almost 80% flag pole target and preparing to trend reversal, we may see this stock to retest again the support before breakout. trader may go short up to 448.50 and wait for direction, it may consolidate also before breakout. we may enter...
The stock is down by ~22% in last 3 months and the Bullish Anti Butterfly suggest reversal on cards. The reversal would take price back to 520-550 levels till 445 is held.
It is been observed that the price action breaks out from the downward trend line on hourly chart indication bullishness. The price action is moving up to 38.2% Fibonacci levels which is our Target 1 and once it breaks above it then it shall move further up to Target 2 of Fibonacci 50% levels.
Target 1: 510
Stoploss: 494
Bata India has not seen some moment from a long time. The analysis shows that it will soon revive itself and break the norms that were seen earlier. Supported my strong fundamentals too, I would recommend to buy bata for a medium term.
