Tata Chemicals may be forming a Head & Shoulders pattern
Additionally the CMP is at a 127.2% extension of the current down wave. This is very commonly observed. It may go down further to 161.8%
Overall I consider this a distinctly long opportunity
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Long position @716 (futures)
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Closed @740... 24 points per lot (futures lot size 750)
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Tata Chemicals seems to be respecting the right shoulder of the developing Inverted H&S. A patient investor could perhaps make a very profitable long trade stretching into June futures contract or cash.