Tata power Bullish setup
Just like Metals and commodity stocks have turned bullish on the back of falling dollar and additional infrastructure spending by the givernment, power and energy stocks too follow the same persuit.
Coming to the levels, Tata power is currently holding 20 week average and the stock has turned bullish again from the same levels before. The previous week it closed positive and hints at the end of the corrective wave. The channel breakdown could be false as it is pretty common for 4th waves. The entire structure is actually extending what we'll have another set of iii iv before which aligns with Nifty 50 as well.
Go long for a target of 110 with a stop loss of 89.
Do you own due diligence or consult your financial advisor before acting on the information present.
Coming to the levels, Tata power is currently holding 20 week average and the stock has turned bullish again from the same levels before. The previous week it closed positive and hints at the end of the corrective wave. The channel breakdown could be false as it is pretty common for 4th waves. The entire structure is actually extending what we'll have another set of iii iv before which aligns with Nifty 50 as well.
Go long for a target of 110 with a stop loss of 89.
Do you own due diligence or consult your financial advisor before acting on the information present.
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