Thanks for your kind comments. Our effort is to ugrade everyone to at least basic levels of technicals- studies . It is well appreciated across the globe but somehow in our country , it is considered to be something related to trading. But we want to show that its scope is much larger and even fundamental investors should have some basic hang of it.
Tata Consumer
Weekly Chart
This week is crucial . It has already gone below 40 WMA, if it closes below that then either price would go down further or it can linger below 40 WMA for long period.
Other thing is to watchout is lower trendline (orange), if it breaks that also then downward movement is confimed.
Also have a look at big red bars (in blue circles), price always gets rejected from the top of those red bars.For any significant move in future, these are the hurdles to be crossed.
Monthly Chart
Price is taking a support at 20 months moving average (dotted purple line) for last few months.
A close below trendline, 40 WMA and 20 months moving average ( check on month-end) - all these things are quite nearby. If it breaks these levels,it can easily enter 650-700 zone.
So our choice would be to stay away , get some popcorns ,enjoy and see how it behaves on these cliffhangers.
Disclaimer :This post is just a for learning a method. No buy/sell recommendations. These are probability study methods and chances of success depend upon various factors.
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