TTM: BIG SUPPORT on watch
TTM (Tata Motors), Indian conglomerate.
TTM in a clear downtrend. However, reversal or attempt for reversal has to start somewhere.
Some positives signs:
TTM is now sitting on a huge support which is the upper line of the downtrend channel and a historical horizontal line at $24.27.
The downtrend channel was broken, which is a positive sign for the bulls, now we are retesting the top of the channel.
RSI daily is oversold.
For Ichimoku aficionados the lagging span also bounced on the horizontal support, so far confirming the bounce. And the price is sitting on the top of the cloud on the monthly chart.
Will the support hold? No one knows. But the risk vs reward is quiet good here for a long trade with a stop at $24 for minimum loss in case it goes against you.
I'm long for a swing trade.
Text major support is around $23.44.
Trade safe.
TTM in a clear downtrend. However, reversal or attempt for reversal has to start somewhere.
Some positives signs:
TTM is now sitting on a huge support which is the upper line of the downtrend channel and a historical horizontal line at $24.27.
The downtrend channel was broken, which is a positive sign for the bulls, now we are retesting the top of the channel.
RSI daily is oversold.
For Ichimoku aficionados the lagging span also bounced on the horizontal support, so far confirming the bounce. And the price is sitting on the top of the cloud on the monthly chart.
Will the support hold? No one knows. But the risk vs reward is quiet good here for a long trade with a stop at $24 for minimum loss in case it goes against you.
I'm long for a swing trade.
Text major support is around $23.44.
Trade safe.
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