TTM: breaking out of bearish channel
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TTM (Tata Motors, Indian conglomerate):
Nice set up here as we had a multi week bear channel and we're now breaking out of this channel, signalling a potential reversal to the upside.
To maintain this reversal, the price will need to remain above the line of the bear channel which is now acting as support. Note that price could go up a bit and retest the breakout point before really taking off.
I'm long with a stop at 26.19. All targets are on the chart. Two important targets are 29.13 which is the previous high, and 34.49.
Trade safe.
Nice set up here as we had a multi week bear channel and we're now breaking out of this channel, signalling a potential reversal to the upside.
To maintain this reversal, the price will need to remain above the line of the bear channel which is now acting as support. Note that price could go up a bit and retest the breakout point before really taking off.
I'm long with a stop at 26.19. All targets are on the chart. Two important targets are 29.13 which is the previous high, and 34.49.
Trade safe.
Ghi chú
Nice breakout. Watch for possible backtest of the downtrend line, especially if the markets corrects for 3 or 4 days.
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