Tata Motors 5 Min Chart


Tata Motors trending higher since yesterday and it was rallying to the upside making a new high but this is market it never goes in a straight line format, it tends to follow wave pattern to make a balance between buyer & seller. 

Today I was tracking Tata motors since morning it opened the gap up and as like the previous day it started to the upside even without filling its gap that's define bulls never giving chance to bears.
However, as per supply zone stock took resistance at 183 levels which is also its resistance level on the daily chart.

On the 5 min chart stock formed a symmetrical pattern, since the stock was trading at the same level for few minutes and it has formed some red candles with wicks that give signal it might be trading towards the lower side to fill the gap.
As stock came in my trade setup I initiated short at 180 & booked profit at 176.30 in 15 minutes.
(RISK REWARD WAS 1:2)


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