TRADE SETUP_TATA POWER_DIWALI SPECIAL
Updated
Happy Diwali to everyone. I wish for prosperity and happiness to all seeing this post.
Tata power is seen in an Elliot wave structure on hourly chart. The stock will now look to reach the 260 mark in wave v to complete what it started on Oct. 26th.
There is also a reverse head and shoulder pattern developing on the hour chart. The neckline of the pattern is yet to be broken, but chances are high the stock might do it and quickly march upwards to 260 then on.
Please note the company had reported a net profit rise of 8%(Y-O-Y) on 8th of Nov. when it announced the results.
Note*-Trading is risky and can lead to financial loses. Kindly study the charts and fundamentals of company before taking any financial positions.
Tata power is seen in an Elliot wave structure on hourly chart. The stock will now look to reach the 260 mark in wave v to complete what it started on Oct. 26th.
There is also a reverse head and shoulder pattern developing on the hour chart. The neckline of the pattern is yet to be broken, but chances are high the stock might do it and quickly march upwards to 260 then on.
Please note the company had reported a net profit rise of 8%(Y-O-Y) on 8th of Nov. when it announced the results.
Note*-Trading is risky and can lead to financial loses. Kindly study the charts and fundamentals of company before taking any financial positions.
Trade closed: target reached
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