Tata Teleservices - Key Descending Triangle Setup!
Technical Analysis:
1. Descending Triangle Pattern:
The stock is forming a descending triangle, typically a bearish continuation pattern. The downward-sloping resistance is marked by a blue trendline, and there is horizontal support near the ₹90 level (highlighted in purple).
2. Key Support and Resistance:
Support: ₹90 is acting as strong horizontal support.
Resistance: The immediate resistance is the downward trendline, which is pushing the price lower.
3. Volume:
There has been declining volume during the consolidation phase, which indicates a lack of momentum. A breakout with high volume would provide more conviction for the next move.
4. Moving Averages:
The black trendline could represent a long-term moving average acting as dynamic support around ₹85-90.
Trading Plan:
Entry:
Aggressive Traders: Consider entering long at the current support level of ₹90, with a tight stop loss.
Conservative Traders: Wait for a breakout above ₹95 (above the descending trendline) or a breakdown below ₹90 to confirm direction.
Target:
If a breakout happens above ₹95, target ₹100 and ₹105.
If a breakdown occurs below ₹90, targets can be ₹85 and ₹80.
Stop Loss:
For a long position: Place a stop loss below ₹88.
For a short position (if breakdown happens): Stop loss can be set around ₹93.
Risk Management:
Maintain a risk-reward ratio of 1:2 or better to safeguard capital.
1. Descending Triangle Pattern:
The stock is forming a descending triangle, typically a bearish continuation pattern. The downward-sloping resistance is marked by a blue trendline, and there is horizontal support near the ₹90 level (highlighted in purple).
2. Key Support and Resistance:
Support: ₹90 is acting as strong horizontal support.
Resistance: The immediate resistance is the downward trendline, which is pushing the price lower.
3. Volume:
There has been declining volume during the consolidation phase, which indicates a lack of momentum. A breakout with high volume would provide more conviction for the next move.
4. Moving Averages:
The black trendline could represent a long-term moving average acting as dynamic support around ₹85-90.
Trading Plan:
Entry:
Aggressive Traders: Consider entering long at the current support level of ₹90, with a tight stop loss.
Conservative Traders: Wait for a breakout above ₹95 (above the descending trendline) or a breakdown below ₹90 to confirm direction.
Target:
If a breakout happens above ₹95, target ₹100 and ₹105.
If a breakdown occurs below ₹90, targets can be ₹85 and ₹80.
Stop Loss:
For a long position: Place a stop loss below ₹88.
For a short position (if breakdown happens): Stop loss can be set around ₹93.
Risk Management:
Maintain a risk-reward ratio of 1:2 or better to safeguard capital.
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