Tata motors has shown some very nice bullish reversal signs from 290 support zone which has proved to form support for the stock in the past several months
1. W double bottom formation with attempt to break W neckline.
2. previous day bullish hammer followed by strong bullish candle follow up with decent volume
3. break of downtrend trend line
4. Strong bullish divergence on RSI
Trade setup
Can buy above 309 with stop loss below W double bottom neckline (around 300) for intraday/swing basis
Target 1 = 325
Target 2 = 350
Stock can even move beyond 350 to new all time highs if kept for a longer time.
Thank you for reading.
Note: this is not financial advice. This is for educational purposes only
1. W double bottom formation with attempt to break W neckline.
2. previous day bullish hammer followed by strong bullish candle follow up with decent volume
3. break of downtrend trend line
4. Strong bullish divergence on RSI
Trade setup
Can buy above 309 with stop loss below W double bottom neckline (around 300) for intraday/swing basis
Target 1 = 325
Target 2 = 350
Stock can even move beyond 350 to new all time highs if kept for a longer time.
Thank you for reading.
Note: this is not financial advice. This is for educational purposes only
