Weekly Time Frame - We have seen a news-based selling in TATA Motors with the stock correcting sharply from levels of 360 to near about 273-275. Since then it is trading in a range-bound manner near about a level of 300. We can see in the weekly time frame that the stock is consolidating in the zone of 300-360 on the back of reducing volumes. Chances of the stock giving a break down from the mentioned levels are lower as
(1) the stock has excellent support near to the levels of 275-285
(2) Volumes are low as the stock tries to move down.
Swing Target 1 - 360 (Stock retesting the upper end of the consolidation zone
Swing Target 2 - 400-410 (Breakout from the consolidation zone backed with clear expansion in volume)
Stop Loss - Below 275 (On a weekly closing basis)
(1) the stock has excellent support near to the levels of 275-285
(2) Volumes are low as the stock tries to move down.
Swing Target 1 - 360 (Stock retesting the upper end of the consolidation zone
Swing Target 2 - 400-410 (Breakout from the consolidation zone backed with clear expansion in volume)
Stop Loss - Below 275 (On a weekly closing basis)
トレード終了: 利益確定目標に到達:
Target 1 was achieved on 07.10.2021. If anyone wants to hold the long position, they should hold the same for T2 of 400-410 with a revised SL below the level of 340 on a daily closing basis.
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Kindly consider following the account if you find the idea useful.