TATA COMMUNICATIONS

FIRST REPORT

 PREFACE 

Firstly wanna welcome everyone to this blog page where I'm gonna post analysis about stocks and its performance throughout the day and where to make a position and where to exit and where to keep a stop with every possible scenario explained.

    Today here I'm gonna post analysis about "TATA COMMUNICATIONS"  analysis for 15/11/2023

here the above picture shows the price reversal from 0.23 retracement level on weekly timeframe using Fibonacci retracement. So, what does daily timeframe of price pattern says? lets find out with points.

here in second image price took rejection from golden ratio 0.5 on daily timeframe and what else marks the reversal?

if you look closely 26-oct-2023 candle is hammer so price moved up and at point where hammer candle formed is a support and 0.23% retracement zone on weekly and monthly timeframe but what does hourly and 30min timeframe price action says? lets find out in picture below.

in the above picture we can see price moving in a parallel downward channel which has a significance as when price moves in this pattern there's a possibility of up move in coming days and in rare cases price gives a fake breakout like how it did on 10-nov and Diwali i.e. 12-nov and on 13-nov and closed above parallel channel.

so for tomorrow 15-nov-2023 if price closes above 1715 then we can see price going till 1720-1723.55 levels and if tomorrow price breaks 1700 then 1691.25 level will be seen if goes below it wee will trail as per our Risk Reward Ratio and on DAY timeframe price formed a dragonfly doji it has a significance that when it is formed at  low a price up move is expected and and high a reversal, So I'm expecting a little pause to upside movement in coming days.

DISCLAIMER 

I'm not a SEBI  registered analyst I've just posted my view about the stock and its movement by understanding price pattern on previous day's move  &  using various tech tools this is not a buy or sell recommendation and pictures posted are for educational purpose to understand candlesticks and chart patterns for better trade opportunities. please consult with your financial advisor before taking any trade or investment.

hope you'll like my content and the way of explanation with pictures and possible scenarios. 

THANK YOU.