TATACONSUM DOUBLE BOTTOM FORMATIONThe price corrected 16% from the level of 820 and price continuously formed lower lows & lower highs. And now price formed DOUBLE BOTTOM formation on daily chart which considered as bullish formation for the price. Downward trendline also resisting the price from the upside. If price breaks the level of 810 and closes above it than target will be 722/740/760 towards the upside.
The level of 685 is support level for the price. Breakdown below 685 leads more fall in the price
TATACONSUM trade ideas
Reversal ?After forming the wedge chart pattern, we had almost a 15% downward move.
I reckon there would possibly be a reversal
reasons :
1. Consistent volume of green candles
2. Tested a zone of demand
3. At the end of the Bollinger-Bands
If the stock breaks the zone of Demand it'll move towards the 200MA
or
if the stock does reverse then it'll move to the trend where it'll face some resistance
But Remember to trade with the trend
TATACONSUM - Weekly AnalysisIn the Weekly Chart of TATACONSUM ,
we can see that, after the breakdown and 13 weeks of strong sell off we could not even see a pullback.
Now we can see that, it is holding its position and
Double Bottom Pattern with Strong Bullish Hammer Candles has been formed.
We can see a good up move in coming weeks.
TATACONSUM AT MAKE OR BREAK LEVEL !!!The price trading near weekly demand zone. A significant decline has been seen in the price and the price is now trading near the demand zone. so the price can takes rest from the decline and can move upwards from the support zone.
If the price respects the support zone and if any bullish candle or formation is formed then we can build our position to the upside.
👉Price At weekly support of 695
👉Reversal from support possible
👉Target 733/758/775+
👉Stoploss below 695 close.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad.
short target 708As weak structure showing go for short when pullup of minimum target 708 ................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
Tata Consumer can go long as well after the breakout of the pattern, even though this a bearish continuation pattern but here the pattern is not made in bearish trend so can also go long and as well as short .can trade either side of the breakout and target 1:3 risk reward. i am not a SEBI register this is just for analysis and i am not responsible for any loss or profit you made.
TATACONSUMNSE:TATACONSUM
WAIT FOR THE CLOSE ABOVE CHANNEL
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!
TATA CONSUMER ANALYSIS!!the red line, will be soon breached, if markets be in a bullish nature, or will be breached after being volatile for some time and then move upside.
blue lines are the levels.
the green line is a great support, which stock being volatile, then will not breach this green support, and volume might be seen to be increasing.
and the dark black line is the actually trend what the stock should follow.
the stock is trading near its MA(50,100), so there is a moving which is yet to come.
tata consumer is been diversifying its products, and has been establishing its consumer value in the market. great company, and FMCG sector is also being great enough. its a bit discounted, and TATA CONSUMER will be a part it when nifty fmcg indice will give its impulsive move.
(check below the analysis of HUL company).
TATACONSUMER AT SUPPORTYesterday, we saw a Price breakout in Tata Consumer Ltd.
A breakout occurs with a Big Bull candle having good volume.
Currently, there is a pullback to the same levels.
The same levels , would now act as immediate support
Sustaining these levels, stock might test 800 - 810 levels in the coming trading sessions
Pullback trade
Long Trade
Swing Trade
Support @ 774-776
CMP : 778