- TATAMOTORS breaks out of Contracting Triangle pattern. Breakout supported by good volume.
- If the price doesn't go fall back into the pattern ( if it does, it's a false breakout), next resistances according to the trading channels are around 321 and 337. Magic of numbers: 321 and 337 are also the previous tops :)
- Today's high around 311 was also the 61.8% Fibo level of the retracement of the fall from 337.4 to 268.7 :)
Sandeep ji, Whats your SL ?
ReplyDeleteAs long as the price doesn't get back into the triangle pattern, TataMotors is good. If it does, it means a false breakout and false breakouts mostly result in a big move on the opposite side.
ReplyDeleteIf you want even a strict SL, then go for 50 day SMA.