TATA COMMUNICATIONS - TRADING AT MAJOR SUPPORT ZONE
Symbol - TATACOMM
CMP - 1388
Tata Communications Ltd. has shown weakness over the past few months, with the overall technical structure indicating a bearish outlook. However, the stock has recently reached a major demand zone, which lies between the 1380-1350 range, a level that has held significant support in previous price actions since 2021. This zone could act as a strong demand area, potentially offering a good trading opportunity at current prices.
The stock has been under selling pressure in the short term, but as it approaches this demand zone, the probability of a reversal or at least a short-term bounce increases. The technical indicators suggest that the stock is at a crucial level where the demand could pick up, leading to a possible upward movement from current levels. Although the broader trend has been bearish, the price action near this support level creates an attractive risk-reward setup.
Given the recent price action, I am taking long positions in TATACOMM Futures at 1388. I will look to add more positions if the price reaches 1360-1350 range. My SL is set at 1325 to manage risk, ensuring protection in case the price fails to hold the demand zone and continues lower.
The target I am expecting is 1520, which represents more than a 10% upside from current levels. This target aligns with previous resistance areas and the potential for a bullish move once the stock stabilizes at the demand zone.
Disclaimer: The information provided here should not be construed as a buy or sell recommendation. It reflects my personal analysis and my trading position. Please consider this trading idea for educational purposes only. Thank you!
CMP - 1388
Tata Communications Ltd. has shown weakness over the past few months, with the overall technical structure indicating a bearish outlook. However, the stock has recently reached a major demand zone, which lies between the 1380-1350 range, a level that has held significant support in previous price actions since 2021. This zone could act as a strong demand area, potentially offering a good trading opportunity at current prices.
The stock has been under selling pressure in the short term, but as it approaches this demand zone, the probability of a reversal or at least a short-term bounce increases. The technical indicators suggest that the stock is at a crucial level where the demand could pick up, leading to a possible upward movement from current levels. Although the broader trend has been bearish, the price action near this support level creates an attractive risk-reward setup.
Given the recent price action, I am taking long positions in TATACOMM Futures at 1388. I will look to add more positions if the price reaches 1360-1350 range. My SL is set at 1325 to manage risk, ensuring protection in case the price fails to hold the demand zone and continues lower.
The target I am expecting is 1520, which represents more than a 10% upside from current levels. This target aligns with previous resistance areas and the potential for a bullish move once the stock stabilizes at the demand zone.
Disclaimer: The information provided here should not be construed as a buy or sell recommendation. It reflects my personal analysis and my trading position. Please consider this trading idea for educational purposes only. Thank you!
交易進行
CMP 1351
Adding more long position
Avg buy price now is 1369
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這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。