Bata India has been a strong outperformer and has been in a multiyear uptrend since 2016. The stock has simply been up-up and away. We recommended this stock in our daily research report with the help of Elliott wave, channels and indicators.
Below is the chart showing detailed analysis published in our research report-“The Financial Waves Short term Update”
Bata India 60 mins chart- (Anticipated as on 16th April, 2019)
Bata India 60 mins chart- (Happened as on 25th April, 2019)
Below is the extract of the research taken from the research report-
Anticipated as on 16th April, 2019- Bata India had been a strong outperformer and the stock has shown amazing returns over past few months. It is best to stay in direction of the up move forthis stock and avoid catching a top. We are seeing some consolidation and break above the resistance will resume the positive trend.
As shown on hourly chart, wave (v) appears to be extended of which sub wave ii seems to be completed. The ongoing move could be in the form of wave iii which could travel up to 1470 levels i.e. up to the higher channel line post a break above 1427.
In short, trend for Bata India looks positive. Break above 1327 can take the prices towards the channel resistance placed near 1470 levels. Short term support is placed near 1370.
Happened as on 25th April, 2019- Bata India managed to move precisely in sync with our expectations and achieved the mentioned target of 1170 while also formed its new 52 week high at 1173.50 levels.
The above analysis clearly shows how well Elliott wave and other techniques works and we have a proven track record for the same. Get access to the daily equity research report and know how to capture good trading opportunity over short term in our daily “The Financial Waves short term update”- Get access here