Tata Motors | Long consolidation waiting for positive action
Updated
Tata Motors has been consolidating in a descending triangle since Oct 2021. Since this long consolidation has come after a rapid rise in prices from end of 2020 to Oct 2021, and heavy buying volumes are seen at 380 levels which is bottom of the triangle, a huge up move can be expected as the stock breaks out of the downward sloping trendline and targets up to 550 can open up. While a close below 380 can lead to fresh shorting in the counter.
Note
Gave a clean breakout above trendline with heavy volumes and sustaining above 450 since 10th April. This breakout after long consolidation can take the stock to 490 in short term and to 550 in medium term.
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