Tatasteel has started an fresh impulse post a complex WXY correction running on intermediate degree there by completing wave 4 on Primary degree.Evidence for this is trend-line breach along with price challenging wave X high.
This fresh impulsive move has taken a form of leading expanding diagonal which has marked the start of wave 5 on primary degree.Of this impulse it seems like we are beginning wave 5 which can take price to the level of 127 from CMP of 117.On the downside one can keep an exit 114 which gives us an Risk-Reward of 1:3.
Additional evidence for going long is price has crossed 200 sma and has managed to stay above it and is making higher high's and higher low's.
Disclaimer:Posting this for my future reference do not initiate position solely on the basis of this analysis.
This fresh impulsive move has taken a form of leading expanding diagonal which has marked the start of wave 5 on primary degree.Of this impulse it seems like we are beginning wave 5 which can take price to the level of 127 from CMP of 117.On the downside one can keep an exit 114 which gives us an Risk-Reward of 1:3.
Additional evidence for going long is price has crossed 200 sma and has managed to stay above it and is making higher high's and higher low's.
Disclaimer:Posting this for my future reference do not initiate position solely on the basis of this analysis.
Trade closed: target reached