nimbuz90
Short

Descending triangle under construction

NSE:TATASTEEL   TATA STEEL LTD
The stock is trading inside a broad bear channel and as of now, we could spot a descending triangle pattern formation inside it. Today it faced a good resistance from the downward sloping channel line. Will short this once it rises towards the 575 zone for a target of 530. SL can be placed at 585. If it gaps down or opens below 560, then will take short position based on further price action.

Once it breaksdown from the pattern, then we can trail the SL for a target of 500.

For study purpose
Thanks
Jul 03
Trade active: Entered @ 559
Jul 03
Trade closed manually: Made a low of 554 and pulled back aggressively. Hence scratched it at cost. Will enter once again if it touches the given levels of 575.
Jul 19
Trade closed: target reached: All targets done @ 500, although i didnt have any position to take the profits.
I am still holding. Should i exit too
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out