Tatamotors Found support at 440 levels @ 50 DMA and bounced back again upto 477 knocking at the Medium term Weekly Channel. Breakout above 485 -487 would lead to new Highs. Resisting at 480 levels would drag it back to 460 levels. Breakdown of 460 levels is highly Bearish.
Bullish Possibilites only on breakout above 487 -490. Resistance at current Highs would favour the -Wolfe Wave, and a close below 10 DMA @ 464 would Trigger the -Wolfe Wave.
A five wave is completed in Hour charts.
SYNOPSIS:
1. tatamotors would reach 466-464 levels if resisted at current highs i.e 480 levels.
2. An EOD close below 470 would be bearish as Developing Week HEMA is 470(which is likely to change on a new high) and Day High EMA is 471.
3. HIGH BULLISH POSSIBILITIES ONLY ON BREAKOUT ABOVE 487-490.
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