TATAPOWER trade ideas
TATAPOWER LONGTATAPOWER Looks Good breakout with Engulfing candle pattern
My levels are marked Clearly
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i am not provide any tips/recommendations/advice
All updates/posts/discussions are only for education and learning purpose.
Do Consult your financial advisor before taking trades or investment decisions
TATA POWER LTD TECHNICAL ANALYSIS.DATE : 21/03/2022 , 09:50 IST
the price is currently trading at 232.65. on a 4H chart, we can see that price rallied in OCT 2021 going from 140 to almost 265, which is a very aggressive bullish indication. the market moved so aggressively during this period, that the time taken by order filling is very short. after applying Volume profile, we can see that we noticed a P shaped Volume Profile with LOC @ 228.65. having a very thin volume btw the prices, 140-200 price range. this is a highly bullish scenario and but currently Price, is ranging between, 211.90 & 254.70. this is the balance between buyers and sellers which is what happening right now. also we can see that there is a formation of raising wedge of a preceding bearish trend. this is a trend continuation pattern and will drive market even lower once the significant channel is broken off atleast until 190
so our suggestion is to, if price go above 235, consider booking your profits. and wait until price retraces back to 179.80 as or touching of long term trendline ( indicated in white) which ever is earlier and then buy the dip and hold for a considerably long term.
we wish you happy and successful trading.
Naveen Babu
Captain Binary investments Ltd.
TATAPOWER 1D TFTata power finally breaking the trendline for upside. Good to go long on this stock.
As well for option byers, you can buy Jan 240 to 250 CE which can be easily achieved in this month itself.
Keeping SL for 200, it can easily give R:R of 1:1 or 1.5.
Disclaimer :- This is just my view. Please analyse charts yourself and then decide to take any trades.