Bata Inda was in Range bond for almost 2 year from july 2015 to july 2017, in which price formed a very bullish Inverse Head&shoulder Pattern
On end of the July 2017 , its a gave a Positive Brekout from its NeakLine with good volume,;
BATA INDIA IS Consolidating in a Price range of 765 ~ 815 from last 6 Weeks, Stock is trying hard to move towards 810~820 levels but once it touches the price levels of INR 800, it was not able to sustain over 800 & comes down towards 780, 785, 790 levels & give closing near those levels.
But it was seen this week some volume buying came & it hover near 800...
As per my analysis, good days are about to start in bataindia as in the chart it already formed the CUP_HANDLE pattern which signifies the bullish trend and as per my view as it already touched 816 mark so this time it can reach about 840-860 mark in the month of May 18.
I see that Bata made a 5 wave corrective pattern to the upside and an Ending Diagonal in wave 5. It has broken the down trend line and is in consolidation. A break out to the downside from this consolidation would mean Bata will go down to atleast 490 levels.
ON DAILY CHART THERE IS SHOOTING STAR CANDLE AND RSI ALSO OVERBOUGHT SO WE ARE GOING TO SELL DIS STOCK TOMORROW AT OPENING.ENTRY STOP LOSS AND TARGET ON CHART.
IF YOU AGREE WITH MY VIEW THEN PLEASE HIT LIKE AND FOLLOW ME FOR MORE UPDATES AND IDEA'S I REALLY APPRECIATE THAT.
TRADE WITH CARE
REGARDS
