AbhishekHSinghCMT

TataSteel- Possible Tripple Correction & Z-wave to be traded

Long
NSE:TATASTEEL   TATA STEEL LTD
TS-TataSteel

Last time, which was traded above 364 for target 367 & 370 was part of Y-Wave. Looking for channel support which will be second connecting X-Wave .

Likely it is always risky to trade X-Wave so, I want market to give me some clue -which will happen only once TS takes support of the channel forming 2nd X-wave & bounce to start a W-Wave that too we should trade above 367.75 for target zone of upper channel which comes in the zone 373-374

Trading Strategy

Going Above 367.75 - we shall look for 373-374 target zone with recent swing low as a stop in todays session, which will likely be 2nd X-Wave low

Risky Call
Likely Channel bottom could be traded once bounce happens from channel bottom, but this could be risky because we don't know whether it will stop at channel or go below channel- in that I shall come back again.


Trade active: 10:00 Hrs 21st Sep2016-

Bang On Target - Upper end channel clicked & makes a high 371.80
Trade active: 06:00 Hrs 22nd Sep2016

Unless Channel gets broken - One should not take short positions, whereas channel boundaries should be watched for a bounce, but since its holding for quite a time -we will watch whether it holds this time or gives away.

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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