short CEAT @1242 with target of 1235 and 1225....it ll breakdown senkou span A......at 1235 there is bullish bat .......if it sustain it ll go up from 1230to 1235
CEAT recently is facing heat due to the Crude run, is currently trading inside a bull flag with 2 trendline rejection and 3 trendline acceptance. Now, its near the upper Trendline and also near a daily major bulls trendline support.
Any move below 1225 can drag CEAT to 1110 zones and sl can be outside the upper trendline on clbs(closing basis).
risk reward of the...
Looking at the charts its been observed that CEAT has given bearish channel breakout with good volume. Also 38.2% level on Fib looks like good support. Will this sustain and touch 1360, if not broke below 1200 on closing basis? We will see.
Ceat Ltd. is trading in bearish trend and seem to touch its long term support 1181.80 and may go upward if breakout didn't occur, else it may further retrace up to its next support somewhere between 1100-1095. trader may wait and cautious at 1181.85 and enter according to the trend. if breakout prevails then go short or if reverses then go long.
Analysed this stock on 2 Sept when it was closed @ 952.
Tried buying next trading day but bad luck it was in ban period.
Volumes, MACD, OBV & ADX positive.
Target 1 - 1183.80/
CEAT closed above its 200 day EMA on 02-Sept with a huge candle and huge volumes. Today's price action confirmed the breakout with good volumes. Long positions can be entered with the 200 day EMA as a stop for first targets of 1045
Ichimoku best works with clear chart patterns and trending stocks. On Daily charts, we have witnessed a Kumo break out, which indicates we can initiate a trade and go long on CEAT. I had marked the resistance areas 950, 1030, 1125 & 1300 where we can see some corrections.
PRO's please guide with your comments.
