The Technical Charts Behind #TITAN. How #VirginPriceAction was used to buy the scrip at rock bottom !!!
Naresh Nambisan
This #Query came to me on 9th october 2018 asking what was the right levels to enter this company called #TITAN. You can see my reply to the same below.
#TITAN is india’s largest manufacturer of Quartz watches &worlds 6th largest manufacturer of branded watches.They also market #TommyHilfiger & #HugoBoss in India.They are also the leading players in Jewellery with the #Tanishq brand.
Price was trading at 819 & this is what I saw on Daily Weekly and Monthly charts.
If you observe daily timeframe charts,some would call it a Bearish HNS pattern(head & shoulders formation) & wait for short selling the scrip. But fact is that price was showing support in all the three timeframes of Daily Weekly & Monthly. When strong support comes in all three time frames, it becomes a very high probable setup.
Now lets also check what the index #Nifty was doing when #TITAN came to the above supports.
#Nifty was falling like ninepins &trading at 10300 & it was all gloom & doom around. So to go & buy #TITAN at such a juncture would sound madness to many. But then buying at key levels when prices retrace can come only if u have tons of confidence & trust.
Well.. coming back to #TITAN.. the next chart tells you what really happened after we took position in the band 710–755. It has been a non-stop rally for the scrip & now trading at 1235. That translates to 65% from our entry. We continue to hold. No reason to exit the scrip.
FINALLY BUYING TITAN was indeed a TITAN moment !!
