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Possible Bullish Inside Day Candle Pattern Detected for Tata Motors (NYSE:TTM)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Tata Motors (NYSE:TTM) based on the price action in the company's shares. Today's price range of $32.52 and $32.88 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Tata Motors may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Tata Motors share prices have been bracketed by a low of $20.00 and a high of $43.38 and are now at $32.81, 64% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.8%.

Tata Motors Limited manufactures cars and commercial automotive vehicles in India. The Company designs, manufactures and sells heavy commercial, medium commercial and small commercial vehicles including trucks, tankers, vans, buses, ambulances and minibuses. Tata also manufactures small cars and sports utility vehicles.

Potential upside of 5.2% exists for Tata Motors, based on a current level of $32.81 and analysts' average consensus price target of $34.50. Tata Motors shares have support at the 50-day moving average (MA) of $28.09 and additional support at the 200-day MA of $27.29.

SmarTrend is tracking the current trend status for Tata Motors and will alert subscribers who have TTM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle tata motors

Ticker(s): TTM