TataComm, 200WMA
Weekly charts combined with major MAs give good trading/investment ideas. In fact 200 WMA is much reliable for direction.
a) Price crossed 200WMA on 11.10.2013 which changed the long term trend. Price rose steadily.
b) Between August 2015 to May 2016, the stock made several attempts in and out 200 WMA just to keep the integrity of the trend and then rose sharply.
c) At 783, resistance of Triple Top pattern pushed it down.
d) At present price is once more at 200 WMA. This will decide the future course of the stock.
e) If it tests 532, on daily chart there will be a Positive Divergence on Stochastic, RSI and MACD. So this can be an immediate support and reversal zone. This level was tested on 20the July and price reversed.
Conclusion: Price at crucial support. There is some possibility of changing the trend once more.
a) Price crossed 200WMA on 11.10.2013 which changed the long term trend. Price rose steadily.
b) Between August 2015 to May 2016, the stock made several attempts in and out 200 WMA just to keep the integrity of the trend and then rose sharply.
c) At 783, resistance of Triple Top pattern pushed it down.
d) At present price is once more at 200 WMA. This will decide the future course of the stock.
e) If it tests 532, on daily chart there will be a Positive Divergence on Stochastic, RSI and MACD. So this can be an immediate support and reversal zone. This level was tested on 20the July and price reversed.
Conclusion: Price at crucial support. There is some possibility of changing the trend once more.
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