Here are are expecting tatasteel to go up this week. Here are my reasons for coming to this conclusion.
- The Current trend is inside channel which by itself does not mean much especially since the broader markets have been in correction mode but this particular stock has been trending up. However there is a resistance zone on 10.10.2014 which is also around 1.618 fib level which would mean an end of wave 3.
- Coupled with the fact that markets are expected to go up around 300 pts, it is a good bet this stock will travel up to 445 area from current 385. Where the stock is currently at the bottom of the channel.
- There is a downward trend-line which is from 2011 and is converging on the current up trend. Further gives credence that this stock will go up to retest that trend line
- This is an upward trend-line which is starting from 12.3.2008 which is creating a wedge.
Comment:
My regret here is that I had not defined the stoploss and profit.
Comment:
We can hold it. The risk and reward is acceptable, we are using a ration of 1:3. Nifty may test 7900 of lower but there will be a rebound. This stock should go and test C wave.
Curious on how this stock is going up while the general market is going down!
Curious on how this stock is going up while the general market is going down!
Trade active
Trade closed manually:
I am closing this trade because it has consolidated in that range for a while. Plus i am beginning to doubt if i had incorrectly labelled wave C
Comment:
I guess this was a good trade, well researched. I am hoping that it would reach 248 since the general market direction is up.
Comment:
Although the trade is closed i still want to know.
