Tata Steel has made Symmetric Triangle Pattern. I did all analysis on the daily Timeframe chart and also metioned Projected profit over there. Symmetric Triangle Pattern is a continuation pattern. So i am waiting for the clear Breakout / Breakdown . As price gives Breakdown / Breakout we can initiate our trade in this way.
Keep an eye on Tata Steel and wait for which side it will give Breakout / Breakdown!
Steel stocks are cyclic stock. They get correction till Oct then start moving upward till Mar. possibly give breakout on downside. Well let it come on chart as nothing is for sure
Avinash9087
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@amitkd09 Yes agree, but we are doing pattern identification then only will have edge on Technical Analysis.
mehtasahil
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hi I am sorry, i didn't checked your comment revert. It seems you have removed my comment. I read your revert via email. The stock will go Up for 3 reasons (As per my analysis): 1) Q4 Results +ve.. but that's come recently 2) Other main reason it forms head and shoulder pattern on daily chart. 3) Golden Crossover in Hourly charts
Other error here was, your projection till level 36. It's demand zone is at 85 so it cannot go below that.
Cheers:)
Avinash9087
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@mehtasahil i also marked important levels on the chart bro
Avinash9087
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@Avinash9087 and one more thing projected Target is purely based on theory and not on Practical.