Tata Motors looking weak - Short opportunity

Tata Motors looks really weak on the weekly charts. The latest weekly bearish engulfing candle shows that the bears are in strong control after wiping off gains of the prior 2 weeks. Weekly Lower Highs & lower lows along with break of crucial support level of 420 in August 2017 signal strong downtrend to continue. Stock seems to be headed to retest its support zone of 300-320 levels as observed in Sep 2015 & Feb 2016.

Trading strategy :
Short sell @ current level 374
Keep Stop loss @ 399
Potential Target @ 320

Reward to risk - 2:1

Disclosure : The view expressed above is my own analysis on the stock. You are responsible for your own investment / trading decisions.

Trade active

Trade closed: stop reached