Tata Motors trades in Bullish Flag pattern

Considering the daily timeframe, the stock of Tata Motors Limited is trading in a Bullish Flag pattern since the last 12 trading sessions, with a receding volume. The flag pattern is a short-term trend continuation pattern that marks a small consolidation before the previous move resumes.
 
A flag is composed of an explosive strong price move that forms the flagpole, followed by an orderly and diagonally symmetrical throwback, which forms the flag. When the upper trendline resistance of the flag breaks, it triggers the next leg of the trending move.
 
The major trend of the stock is bullish as it is trading above its weekly pivot and above its long-short-term moving averages, that is, 20-day, 50-day, 100-day, and 200-day EMAs. The leading indicator, 14-period daily RSI, is currently quoting at 62.58 and it is in the super bullish zone. The ADX is very strong at 50.72. The -DI is much below the +DI and the ADX is above the -DI and +DI. This shows the technical strength of the stock.
 
Going ahead, the zone of Rs. 176-Rs. 177 is likely to act as an immediate hurdle for the stock as the upper trendline of the bullish flag pattern is placed in that region. While on the downside, the zone of Rs. 165-Rs 164 is likely to provide strong support since it is the confluence of 13-day EMA and the lower trendline of the Bullish Flag pattern.