BATAINDIA SHORT SETUP : FALL FROM 52 WEEK HIGH , SHORT AROUND 1270, 1250, TARGET : 1200, 1170 IN 1 WEEK(BEFORE 28TH FEB 2019.
chart is self explanatory and time for short is approaching this january 2019.....
Bata Inda was in Range bond for almost 2 year from july 2015 to july 2017, in which price formed a very bullish Inverse Head&shoulder Pattern On end of the July 2017 , its a gave a Positive Brekout from its NeakLine with good volume,;
just an idea for now, will let it develop and follow later.
1.Resistance line was broken with strong upward move 2.Voulume is supporting the move 3.Enter on pullback towards support line
I see that Bata made a 5 wave corrective pattern to the upside and an Ending Diagonal in wave 5. It has broken the down trend line and is in consolidation. A break out to the downside from this consolidation would mean Bata will go down to atleast 490 levels.