#TATAMOTORS (TM) Analysis in weekly and daily time frame chart:

In this thread I have tried to capture,

a) How is journey of @TataMotors till date
b) What are the possibilities ahead
c) The possible trade plan with logic

What weekly chart is conveying :

a) Stock is in pure downtrend as it is making lower high (LH) and lower low (LL).
To understand HH HL LL LH, read #Dowtheory and refer tweets of @Rishikesh_ADX & @Jitendra_stock .(also watch @elearnmarkets F2F video of @Rishikesh_ADX )

b) As per weekly chart, to make the higher high (HH), Stock has to cross the level 200 and then when it retrace (pull back), Stock should not fall below 69. (To understand pullback, refer tweets of @sanstocktrader )

Now look @ #Tatamotors daily:

a) Immediate support is @ 150.
b) Immediate resistance is @ 198-200. (as we discussed in weekly chart analysis)
If it manage to cross 200, it will form it's first higher high (HH) on weekly tf.
c) If it manage to cross 200, then 240 is on the card

Possibilities ahead :

a) It may trade in channel before it make the HH in weekly TF chart.

In this case we can buy at support and sell at resistance.

Support is 157 & resistance is 200.
i.e 27% target from buy level)

Refer image.