positional call – buy TITAN above 230 (close) sl 200 target 265-300

recently titan has given panic fall from 275 level to 200 level in just 3 trading session, and its having a good support at 200 level now, so if it able to give close above 230 level then we can some reversal move above this till 265-300 level also.

Technical study –  If we clearly observe titan chart we can see that it has taken a 550 SMA support on chart many times, and this time also it just trading below 550 SMA level and looking for reverse move so if it able to go above this level then again big up move to see in this.

Trend line also suggesting that its having major support range at 200-220 range, it has broken the trendline but when it broken it, after that in not able to break that low and given a bounce again, so if it able to move above trend line support again then sharp recovery we can see on chart.

Even RSI also moved to oversold zone now and soon it can look for reversal from there, so if price sustain then surly we can see recovery on chart.

Candlestick pattern also suggest that its a island reversal pattern as we can see on chart that it has given bearish gap down on 12th june 2013 and after that it has given recovery on 13th june, after that on 14th june 2013 its has given bullish gap up candle on chart which confirms the island pattern on chart, so if this pattern in sustain then stock can give up move in coming days.

over all study confirms that if price able to confirm the buying levels then only we can see more up move in stock in coming days but, if it not able to sustain here and able to break 200 level again then we can say that this stock will go in long term down trend and investor can exit there position here for long term holding. so for this 200 level would a last hope for long term investors.