Tata Motors | Positive Divergence | Initiate longs above 170
We could observe a Positive divergence through RSI and MACD in Tata Motors. One can clearly find a bullish bias especially with the momentum of current up move.
170 is a key area from price action action perspective as the stock has reacted to this level historically. Fib 23% coinciding at that level makes it even more significant. Hence, even though we hold a bullish bias, it is necessary to wait for the candle to break above 170 on closing basis. Once we get that confirmation Longs can be initiated with stop below 150 and targets at 183, 190 and 200 (mentioned in chart).
(Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas. Trading in Stocks, Futures and Options carry risk and is not suitable for every investor. Hence it is important to do your own analysis before making any investment or trading decisions based on you personal circumstances and it is always better to take advice from professionals)
170 is a key area from price action action perspective as the stock has reacted to this level historically. Fib 23% coinciding at that level makes it even more significant. Hence, even though we hold a bullish bias, it is necessary to wait for the candle to break above 170 on closing basis. Once we get that confirmation Longs can be initiated with stop below 150 and targets at 183, 190 and 200 (mentioned in chart).
(Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas. Trading in Stocks, Futures and Options carry risk and is not suitable for every investor. Hence it is important to do your own analysis before making any investment or trading decisions based on you personal circumstances and it is always better to take advice from professionals)
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The price was rejected from 170 levels