Short opportunity -
Tata Motor has formed a double top pattern and it has already crossed the neckline. Double top indicates that it will be a bearish trend in a particular stop. We have also confirmed this pattern with the RSI indicator. CCI is also near -100 and CPR is narrow. If these things confirm with 15m first candle then we can take entry at neckline i.e. 498.95. The target will be 7 rupees.
Note - We have to wait till the stock retest at the neckline - this will be a confirmation of the trend.
Tata Motor has formed a double top pattern and it has already crossed the neckline. Double top indicates that it will be a bearish trend in a particular stop. We have also confirmed this pattern with the RSI indicator. CCI is also near -100 and CPR is narrow. If these things confirm with 15m first candle then we can take entry at neckline i.e. 498.95. The target will be 7 rupees.
Note - We have to wait till the stock retest at the neckline - this will be a confirmation of the trend.