Sell TVS MOTOR
|Sell Range||474 – 468|
|Target||450 – 444|
|Duration||15 – 20 Trading Days|
|Potential Returns^||4 – 6%|
|CP#||Idea||Sell Range||Target||StopLoss*||Duration||Potential Returns^|
|468.55||SELL||474 – 468||450 – 444||488.6||15 – 20 Trading Days||4 – 6%|
# CP – closing price on Jan 13, 2020
* Maintain recommended StopLoss by daily closing basis.
Once 1st target hit, reset StopLoss at 585.
^ Potential returns are calculated based on the median of sell range.
|Sectoral Index||Nifty Auto|
TECHNICAL OBSERVATIONS (WEEKLY)
- Looking at the weekly chart, the stock has seen a spectacular fall from the high of around 792.1 (December 2017). We have also noticed, the overall trend, as well as the broader pattern, are bearish and any reactive pullback might be temporary in nature.
- The stock price had done a sharp breakout from the downward sloping channel on weekly charts during October 2019. But that breakout seems to be a false one as the price is moving lower since then.
- We expect the stock to remain in a falling trajectory and extend the down move in the coming weeks.
TECHNICAL OBSERVATIONS (DAILY)
- The daily price indicates a distribution type of formation, where Price is moving in a falling range.
- Presently, the stock price has placed near the Upper side of this range and based on historical price pattern, we are expecting the price to fall off from here.
- The momentum oscillator RSI is also moving southwards and thus showing a lack of buying strength in the counter.
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⭐️ Ultra Equity Advice #106: The long and medium-term trend is down for this stock, and the current price is near the resistance.— Goodluck Capital (@CapitalGoodluck) January 14, 2020
⬇️ Going short at the resistance is the key strategy here.
🔗 Original Post: https://t.co/8iXF6160av#technicalanalysis #trading #GoodluckCapitalUltra