TATAPOWER trade ideas
TataPower Fake Breakout on Hourly Charts. Intraday Idea 3rd May.After reading the different views, I realized that the whole TradingView community is bullish on TataPower in weekly and monthly basis.
I am a derivatives trader, intraday and positional with futures and options.
Here, I can spot a fake breakout on hourly charts on 30th April 2021. Though, it can be due to broader market going down, but there are several other factors behind this analysis.
1. Volume - We can see a volume contraction at this current upmove. The daily volume is not looking convincing for a breakout. Moreover, in hourly charts, there are several high volume red candles over the past week.
2. Intraday analysis on 30th April 2021 - When breakout happened above 100, I was convinced of a break out. Even it broke 101 which was the high of 12th April high volume bearish day. But it could not sustain. It made a double top kind of formation at 101 and then went back to break vwap and go below 99. For the rest of the day, We didn't see any bull moves or upward spikes since then.
3. Heikinashi - HeikinAshi on 1 hour charts is also showing bearishness here. On daily charts, the Heikin Ashi candle is indicating bearishness.
How to Trade this idea?
Any trade idea can be a failure and one can be ready to tackle the reverse. So first we will protect ourselves if idea goes in reverse.
If it opens around 100, look for whats happening around 100.5 zone. If it rejects this zone in a 15 min candle, we can short it with stoploss at days high or the high of this 15 min candle.
If it opens below 99, don't short immediately, see 15 mins chart, some retracement towards 99 to 99.5 can happen. Once it forms a 15 min bearish candle after retracement, wait for it to break vwap with momentum and go short with Stoploss high of that 15 min candle.
Not convinced for a breakout upmove unless it breaks 100.5 with momentum.
PS: Always the risk only the amount that you can afford to lose in a single trade. And never remove/defer that SL. Accept the loss and move on with next trade.
Happy trading.
TATA POWER - POSITIONALTata Power is the most hyped stock right now. it was getting rejected from the trendline from the past couple of years as you can see in this monthly chart. Finally it has broke the trendline and moved forward after retesting the trendline. You can add it anytime now and hold for the target of its all time high.
TATAPOWER TATAPOWER (Monthly):- Breakout & Retesting done Looks good for 160 Levels
1) Multiyear BO. + Retesting :)
2) Huge Volume Buildup
Disclaimer:-I just shared view for only educational purpose.
TATA POWER - No Target Enjoy AnalysisI can interpret an upcoming breakout in this chart is so many ways. This is why technical Analysis isn't difficult. One just needs to have an eye and correlate.
I'm not giving any Stop loss or Targets here. This is for you guys to interpret it the way you like and take your decisions. If it fails, this chart would tell you why it failed as well.
Those who want to learn can learn many things from this chart.
Watchout for trendline breakoutThe stock looks good positionally above 101.5 level for possible targets of 107, 110 and 114
Tata Power Can Go All time HighDaily Chart Pattern
Pattern Inside Pattern
Ascending Triangle Pattern
Zig Zag Pattern
Best Buy Above 105 After mini resistance
can go all time high or Near Resistance of all time high
I am not a SEBI registered adviser. All the information provided by me are for educational/informational purposes only. Never invest more then 2 % Capital In Single trade. Trade on your own Risk and analysis
Tata power Bullish setupJust like Metals and commodity stocks have turned bullish on the back of falling dollar and additional infrastructure spending by the givernment, power and energy stocks too follow the same persuit.
Coming to the levels, Tata power is currently holding 20 week average and the stock has turned bullish again from the same levels before. The previous week it closed positive and hints at the end of the corrective wave. The channel breakdown could be false as it is pretty common for 4th waves. The entire structure is actually extending what we'll have another set of iii iv before which aligns with Nifty 50 as well.
Go long for a target of 110 with a stop loss of 89.
Do you own due diligence or consult your financial advisor before acting on the information present.
TATA POWER is a perfect buy || Double Confirmation || Buy EntryTata Power has given a good retest from the key support zone along with the uptrend levels.
The risk: reward is greater than 2.5 in case of a push move.
Keep accumulating !!
Aggressive and Safe traders can take an entry for the next 1 month at least.
"Let me know in the comments section if you have any doubts."
Breakout buy. Buy above 95.5, target- 100 & 106. Intraday opportunitie too, watch it for A while and add some.
