TATA Consumer ProductTATACONSUM - The idea is based on the Elliott Wave Theory. A five wave pattern has clearly completed on the stock with an ending diagonal in wave 5th.
This suggests that a correction will take place to 50% to 61.8% fibonacci level. So a correction towards 800 is likely in the coming weeks. As markets are also weakening due to global concerns, this is where technical and fundamental analysis are forming a balance.
TATACONSUM trade ideas
Tata Consumer Products: Breaking Out of Resistance?Tata Consumer Products Ltd. (TATACONSUM) is a leading Indian multinational consumer goods company. The company's products include tea, coffee, salt, spices, pulses, and packaged foods.
On the daily timeframe, TATACONSUM has formed a resistance line around the price of INR 906. This resistance line has been tested multiple times, most recently in September 2023.
On October 13, 2023, TATACONSUM is attempting to break out above the resistance line with accumulated volume. This is a positive sign, as it suggests that there is strong buying pressure at this level.
The MACD indicator applied on the OBV (On-Balance Volume) is also showing a bullish signal. The MACD line has crossed above the signal line, which suggests that the momentum is shifting to the upside.
Factors to consider
While the technical analysis is positive, it is important to note that the overall market conditions are not ideal. The stock market has been volatile in recent months, and there is a risk of a further correction.
It is also important to consider the fundamentals of the company before making any investment decisions. Tata Consumer Products has strong fundamentals, but the stock is already trading at a premium to its peers.
Overall, the technical analysis of Tata Consumer Products is positive. The stock is attempting to break out above a key resistance line with accumulated volume. However, it is important to consider the overall market conditions and the fundamentals of the company before making any investment decisions.
Disclaimer: This is not financial advice. Please do your own research before making any investment decisions.
Tata consumer will continue upside move On Our Harmonic pattern indicator based trade setup take trade as explained below :-
Early trades Buy or sell below/ above 23.6 %, safe trades buy or sell above / below 41% , after taking trade next upside or downside levels will be target ,
When reverse buy or sell signal appear then book profit on Target or trail SL to 23.6 % If trailing SL hit then early trade can be taken above or below 23.6 and safe trade can b taken above/ below 41% ..
Please note:-
It's working on news based and volitile market very well so exit if SL hit
TATA CONSUMER PRODUCTS LTD LONGStock ATH
Today Breakout done with volume
Price above All DEMA
Good setup for long position.
Buy above today closing price
S.L below Breakout level
Chart setup is Bullish for long trade.
MACD BULLISH
RSI BULLISH
Disclaimer This is my personal view for education purpose only.
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TATACONSUM Wave 4 Seems CulminatedAs you can see the chart there are clear formation of the waves on monthly chart.
Intermediate Degree Waves (1), (2), (3), and (4) has completed.
The Tringle has also been broken out and retested. Now the Price may move towards 925-1090 Range.
The return expected are around 20-23.5%.
The information and analysis provided here is intended for informational and educational purposes only. It should not be considered as financial or investment advice. We are not a licensed financial advisor, and the content provided does not constitute any form of recommendation, endorsement, or solicitation to buy or sell securities, stocks, or any financial instruments.
Tata ConsumerPast couple of weeks has not been good for the FMCG sector but one stock which attracts is the NSE:TATACONSUM . This stock is already in a major bullish trend and has come out of the consolidation phase few days back. The levels are marked for the easy of understanding. Any further development will be posted here.
TATA CONSUMER PRODUCTS Price is at all time high make higher high and take break out at resistance level with High volume and make retest at that level , 100 EMA is below 50 EMA that is bullish Sign , MACD and histogram also saw fair value for bullish way so first Target will be 986.90 and Stop loss will be 797.40
This is for educational purpose not a trading advice so that's my view comment down your view 🤗
TATACONSUM
NSE:TATACONSUM
One Can Enter Now ! Or Wait for Retest of the Trendline (BO) Or wait For better R:R ratio
Note :
1.One Can Go long with a Strict SL below the Trendline or Swing Low of Daily Candle.
2. Close, should be good and Clean.
3. R:R ratio should be 1 :2 minimum
4. Plan as per your RISK appetite
Disclaimer : You are responsible for your Profits and loss, Shared for Educational purpose