Based on the 1-hour chart of Tata Power:
It is attempting a short-term bullish flag, but confirmation is not complete yet.
Technical Structure Assessment: Flagpole:
Strong impulsive move from ~₹365 to ~₹377–378
Volume expansion visible on breakout candle.
Momentum indicators (Stoch RSI) near overbought — Which is typical after a flagpole.
Flag Formation:
Post spike, price is moving in a tight sideways/slightly downward channel.
Candles are small-bodied → consolidation behavior.
10 DEMA holding above 20 DEMA → short-term structure intact.
Clean breakout above ₹378–380 is expected ,If it holds above 380 zone .Based on the Flagpole height of ₹12–14 it is expected to test 390-395 zone(For educational purpose only)
It is attempting a short-term bullish flag, but confirmation is not complete yet.
Technical Structure Assessment: Flagpole:
Strong impulsive move from ~₹365 to ~₹377–378
Volume expansion visible on breakout candle.
Momentum indicators (Stoch RSI) near overbought — Which is typical after a flagpole.
Flag Formation:
Post spike, price is moving in a tight sideways/slightly downward channel.
Candles are small-bodied → consolidation behavior.
10 DEMA holding above 20 DEMA → short-term structure intact.
Clean breakout above ₹378–380 is expected ,If it holds above 380 zone .Based on the Flagpole height of ₹12–14 it is expected to test 390-395 zone(For educational purpose only)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.