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TITAN COMPANY LIMITED

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TITAN trade ideas

Trade TITAN on the short side In weekly and monthly chart it looks like Titan is in the region of Right Shoulder of Head&Shoulder pattern. The completion of the Head in March 2020 saw prices falling to the neckline at 725, which also coincides with the exit of one of Titan’s prominent investor who offloaded his stake in the same month. Normally Right Shoulders are completed quicker than Left so I expect the pattern to complete in 2020 itself. On completion of Right Shoulder can expect price to pierce through 725, 668 and 600. Support can evolve near 500(round number) and 450(2015-2016 high which was scaled in 2017) region. This is too far in future that I am trying to predict but to keep the conclusion simple let’s say that one should trade Titan on the short side with overhead resistance near 1000-1050 region. PS : Why 725 level is important is because it was the low created after gap-up opening from 668 following quarterly earning declared in Nov’ 2017. This gap is yet to be filled though it was approached many times.
NSE:TITANShort
by anifunny