AbhishekHSinghCMT

Tata Steel- Bounces from 377 lows to 392

Long
NSE:TATASTEEL   TATA STEEL LTD
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4
377 was the key level, which ended the 4th wave in the wedge pattern- yet again gave support to Intraday bounce to 392- Now till the time 377 is intact downside- TS might do medium term upside to sideways move.

Previous Analysis- Started at 380-returned to 380- Click the chart & load the bar
Trade active: 12:34 Hrs 30th Dec2016

Last Price@390.50

When ever TS crosses 396 then one can look to buy for target zone 402-405 zone Intraday so don't forget to put a trendline alarm on this stock.
Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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Comments

can you explain TSL " 377 was the key level, which ended the 4th wave in the wedge pattern- yet again gave support to Intraday bounce to 392- Now till the time 377 is intact downside- TS 1.50% might do medium term upside to sideways move."
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@AMBRISH, from 377 lows -TSL moved its final leg upside to 441.50 which was 5th wave--- so 377 was key level or support after so many days when TSL started falling & came back to 377 it acted as support & bulls came back for short term up move to 392 levels. Going next till 377 is intact downside, it will move upside to sideways in coming days.
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AMBRISH AbhishekHSinghCMT
@AbhishekHSinghCMT, Thanks for clarification.
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