Tata Consumer Product Ltd . The beauty of Trend & Patterns
The idea here is about :Tata Consumer Product Ltd.
I thought of publishing this to show the beauty of how the trend is interconnected with harmonic, wave patterns & market sentiments.
Below are the points taken from the chart:
1. On 15th September 2021 downtrend channel begins & till 16th November 2021 chart completes double top & Bearish ABCDE pattern.
2. From 16th November 2021 till 20th December 2021 price sees a downtrend breaking the previous support zone.
3. From 20th December 2021 till 14th January 2022 price retraces but gets rejected from the previous support zone which is now become a resistance zone.
4. From 14th January 2022 till 7th March 2022 price continues in the downtrend direction forming a falling wedge pattern.
5. From 7th March 2022 till 2nd May 2022 price moves in the opposite direction of the downtrend and breaks the downtrend channel. I see it as over brought zone. Price couldn’t keep the upward momentum & again gets back in the downtrend channel from 4th May 2022 till 26th May 2022 and tests the newly formed support zone.
6. From 26th May 2022 to 7th July 2022 price tries to break the downtrend and forms a ascending triangle, price breaks the downtrend successfully on 8th July 2022. This is a clean break out of the downtrend channel.
7. 8th till 14th July 2022 price retests the downtrend and confirms a upward momentum.
8. From 12th July 2022 till 12th August 2022 price completes shark pattern.
9. Shark Pattern: The shark candlestick pattern is a new harmonic chart pattern discovered in 2011 by Scott Carney that indicates a trend reversal possibility.
Entry, stop loss & Exit targets are provided for understanding the shark pattern on the chart.
As traders we cannot foresee things clearly until certain points are established on chart. Therefore it is always better to have patience and wait for clear signals before we make our move in the market.
One should always swim along with the market instead of hopping on and off at the wrong time.
Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice. So please do your own DD (Due Diligence) before any kind of investment”.
Do you like my TA & ideas!!
Want to keep yourself updated with current market action? Then don’t forget boost & to subscribe for more analysis. Do leave your valuable feedback & comments for any improvisations.
Cheers.
I thought of publishing this to show the beauty of how the trend is interconnected with harmonic, wave patterns & market sentiments.
Below are the points taken from the chart:
1. On 15th September 2021 downtrend channel begins & till 16th November 2021 chart completes double top & Bearish ABCDE pattern.
2. From 16th November 2021 till 20th December 2021 price sees a downtrend breaking the previous support zone.
3. From 20th December 2021 till 14th January 2022 price retraces but gets rejected from the previous support zone which is now become a resistance zone.
4. From 14th January 2022 till 7th March 2022 price continues in the downtrend direction forming a falling wedge pattern.
5. From 7th March 2022 till 2nd May 2022 price moves in the opposite direction of the downtrend and breaks the downtrend channel. I see it as over brought zone. Price couldn’t keep the upward momentum & again gets back in the downtrend channel from 4th May 2022 till 26th May 2022 and tests the newly formed support zone.
6. From 26th May 2022 to 7th July 2022 price tries to break the downtrend and forms a ascending triangle, price breaks the downtrend successfully on 8th July 2022. This is a clean break out of the downtrend channel.
7. 8th till 14th July 2022 price retests the downtrend and confirms a upward momentum.
8. From 12th July 2022 till 12th August 2022 price completes shark pattern.
9. Shark Pattern: The shark candlestick pattern is a new harmonic chart pattern discovered in 2011 by Scott Carney that indicates a trend reversal possibility.
Entry, stop loss & Exit targets are provided for understanding the shark pattern on the chart.
As traders we cannot foresee things clearly until certain points are established on chart. Therefore it is always better to have patience and wait for clear signals before we make our move in the market.
One should always swim along with the market instead of hopping on and off at the wrong time.
Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice. So please do your own DD (Due Diligence) before any kind of investment”.
Do you like my TA & ideas!!
Want to keep yourself updated with current market action? Then don’t forget boost & to subscribe for more analysis. Do leave your valuable feedback & comments for any improvisations.
Cheers.
Trade closed: target reached:
Projected Target Achieved.
