Tata Steel: Breakout or Upthrust
Tata steel took a nice breakout of 498 levels and touched 520 levels. It consolidated between 507 to 515 range and then break down of that range to retest 498 levels. Some weakness can be surely seen on the hourly chart at the 498 retesting level. And the downward sloping triangle pattern is confirming sellers pressure.
A break below 488 (base of triangle) will add more bearishness to the stock. However, it may find support at 477..the next support would be @ 463
At present the whole breakout move seems like an upthrust..or more like a breakout fakeout. Lets see where the traders can push the price.
A break below 488 (base of triangle) will add more bearishness to the stock. However, it may find support at 477..the next support would be @ 463
At present the whole breakout move seems like an upthrust..or more like a breakout fakeout. Lets see where the traders can push the price.
Note
Tata steel today had a technical breakout in the morning but there was no continuation. It has been taking support near 498 again. If this level does not hold 498 it may at least fill the gap and test 488.
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