It is been observed on daily chart that the price action forms a Bearish Pin Bar Candlestick formation indicating Buyers exhaution and Sellers taking over the price action. It shall further put the price action down to previous support levels at around 74.
Target: 74
Stoploss: 79
After forming a double bottom at 55 level stock gives a massive rally of Rs.20. From that double bottom to its recent high stock has retrace 61.8% where other fib ratios are also overlapping each other which shows a strong support area between 67-68.50 . If this support area is important than above coming resistances then we are on for the targets of 89 & 95.
It is been observed on the daily chart that the price action forms a bullish harmonic pattern called cypher pattern where the Leg D is reaching 78.6% retracement levels. Now it shall retrace back to 38.2% of CD leg. The pattern shall be validated unless it breaks below the stoploss placed at previous support levels.
Target: 78
Stoploss: 72.50
TATAPOWER SETUP
Price is nicely moving in a channel and making higher highs.
Price is near Fib level and near the trend line. If price breaks the trendline then it should move till the next resistance level. However looking at recent Volume I do not feel the price will move above the trendline. However this a potential setup to go long if prices breaks the...
It is been observed that the price action is trending up by making higher highs and higher lows. Previously, at high of 77 levels price action consolidates and corrects within a downward trendline and then breakout the trendline and then broke out to a new highs with that impulsive wave. Now it is again breakout from the downward trendline and looking to reach for...
Going below 73.50- looks to boil. Likely 71 could be coming support or going below 69- we shall look for 66 zone where W-wave shall be divided internally into 3 -waves.
Going below 75- I am expecting 68 Handle -if TP is successful in breaking 73 handle as well. The fall started with big red candle making a halt at 73.80's level- did a pullback to 76 back but I am still bearish & once we break 73.80 level-TP should continue down.
Regards,
Abhishek H.Singh, CMT
Since the bottom in the zone 50-55- In traditional analysis we call it double bottom which was activated once 72.50 was taken out & Tata Power started moving upside. The first leg from bottom zone 50-55 is done in the zone 77-78. currently in sideways & time consuming pattern. Trading below 75 & later penetrating 73 as well shall give confidence that TataPower...
