Thursday, June 20, 2013



TATA MOTORS is at crucial levels. Today stock seems to be finding support at its 200 DEMA.
The same level seems to be neckline(RED line) for HnS pattern shows in blue dotted lines.

If stock breaches this neck line and started correcting, one can go short on the stock for a target of 267 where the long term trend line may give support to the stock. If this trend line also breaches then 235 is possible.

If stock bounces from these levels as it did many times, then one can go long above 34 DEMA 296 levels to see target of 318/336 levels with SL at the neckline.

For me stock looks weak, and will be ready to go short on the stock if breaches the neckline with SL at 294.5

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