TATASTEEL 1D tf.. At multi year trendline resistance..

Oct 25, 2020

Both Tatasteel and Nifty Metal are at trendline resistance.. As we know, Tatasteel has the highest weightage in Nifty Metal index.. Going by the past, The stock after getting rejected from the trendline on the first attempt, falls for few days..and then makes a 78.6% retracement ,goes near the trendline again and then starts the big fall.. This time as well the 78.6% retracement from 440 to 343 is around 420-423.. Lets see if history repeats itself this time.. And the overall market trend should be weak for this to happen.
Especially, the Dollar index should start moving higher since Dollar and metal stocks are inversely related..

(These are just my views.. Only for educational purpose)