TVS Motors daily chart carries a probability of Bearish ABCD Pattern, according to that probability currently stock is in the formation of pattern's CD leg.
On daily chart it's riding a trend line very well, as of now price action respected it 3 times.
RSI on daily weekly monthly chart is above 60 levels, however some divergence can be seen on daily and weekly time frame.
If the said pattern unfolds , stock can see- 364-365 levels till 30 May,16.
However within the CD leg , we observed a bearish Butterfly Pattern ,of which 3.14 BC( 329.56) projection stock got resisted and corrected as well, however it retraced only 23.6% of the Bearish Butterfly pattern .
and stock again resumed its rally however price action thereafter was in the form of higher high, lower low bullish gaping spinning candles with an increase in volume, hence price action suggesting only mixed signals.
Now, if we move down to the hourly chart i can see is a Bearish ALT BAT pattern on it, posing near term resistance for the stock{ PRZ 330.5-332), so watch out for this zone carefully.
HENCE IT WOULD BE WISE TO FOLLOW THE PRICE ACTION TO RIDE THE PROBABLE TREND.
On daily chart it's riding a trend line very well, as of now price action respected it 3 times.
RSI on daily weekly monthly chart is above 60 levels, however some divergence can be seen on daily and weekly time frame.
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| DAILY CHART |
If the said pattern unfolds , stock can see- 364-365 levels till 30 May,16.
However within the CD leg , we observed a bearish Butterfly Pattern ,of which 3.14 BC( 329.56) projection stock got resisted and corrected as well, however it retraced only 23.6% of the Bearish Butterfly pattern .
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| EXTENDED BUTTERFLY |
and stock again resumed its rally however price action thereafter was in the form of higher high, lower low bullish gaping spinning candles with an increase in volume, hence price action suggesting only mixed signals.
Now, if we move down to the hourly chart i can see is a Bearish ALT BAT pattern on it, posing near term resistance for the stock{ PRZ 330.5-332), so watch out for this zone carefully.
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| HOURLY CHART |
HENCE IT WOULD BE WISE TO FOLLOW THE PRICE ACTION TO RIDE THE PROBABLE TREND.
IMMEDIATE RESISTANCE :330.50-332, 338, 343
MAJOR MAJOR: 362-364-365
IMMEDIATE SUPPORT: 319-320, 316-317
MAJOR SUPPORT: 307-310
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