TATA communications - Breakout trade
Small Ascending triangle visible.
Last 7 bars have formed a congestion zone.
This is the first pause after the stock recovered 48% from recent lows.
Sideways move is for 2 months.
Ascending triangle being a trend continuation pattern, chances of breakout are high.
Another confirmation is stock is holding 20 SMA ( 1198 )
SL around 1165-1175 zone 5% form CMP
This can be setup can be used by intra-day traders as the stocks move good move within the day within short time. With same resistance shift to small Time frame ( 15 min idea ) Stocks tend to move 2-4 % while making new swing high swing low, these are idea for Intra-day
Last 7 bars have formed a congestion zone.
This is the first pause after the stock recovered 48% from recent lows.
Sideways move is for 2 months.
Ascending triangle being a trend continuation pattern, chances of breakout are high.
Another confirmation is stock is holding 20 SMA ( 1198 )
SL around 1165-1175 zone 5% form CMP
This can be setup can be used by intra-day traders as the stocks move good move within the day within short time. With same resistance shift to small Time frame ( 15 min idea ) Stocks tend to move 2-4 % while making new swing high swing low, these are idea for Intra-day
Those who are willing to hold for longer time SL 1200