Tata Global: Reaches near crucial long-term support zone

Vinayak Gangule
/ Categories: Trending

After registering a 52-week high, the stock is consistently falling along with relatively low volume and making a series of lower lows. Currently, the stock has reached near its multiple support zone of Rs. 200-Rs. 190 and it is likely to give a bounce from the current levels in the coming weeks. 

Considering the weekly time frame, the stock has reached 61.8 per cent Fibonacci retracement level of the entire upward move from the low of December 2016 to its all-time high made in January 2018 and it coincides with the long-term crucial moving average, i.e. 200-weeks exponential moving average. For the last six weeks, the stock is trading with a relatively low volume. 

The 14-period day RSI is in rising mode and it is likely to trade above its 9-day average in the coming days. For the further upside, near support zone stock needs to form sizeable bullish candle on the weekly scale along with decent volumes. A closing above its short-term moving average, the 21-day exponential moving average will confirm an uptrend. 

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