Tata Steel- Clicks the Ideal Retracement Zone 383-385-What Next?

AbhishekHSinghCMT Updated   

Tata Steel- Ideal Retracement Zone 383-385 Clicked. Session High@386.75

The retracement which I was looking out for so many trading sessions is finally done- the fall from 394.65 to 367.30 has been retraced by 61.8% -which comes in the zone 384-385.

Likely we should see some pressure in TataSteel once it starts falling below 381-380 handle. So, let wait for another opportunity.

Abhishek H. Singh, CMT
Trade active: 09:50 Hrs- IST- 8th Sep2016

TS got super bullish above 394.65 our highest point. Kindly do not take short at current levels of 402-403. It looks that TS could travel in the zone 406-407 & take a pause - if falls below 401.50 after taking a pause in 406-407- Then likely there is a selling opportunity for 389-390 zone target area.
Trade active: 10:10 Hrs- IST-8th Sep2016- TS is consolidating at lowest degree- current price-402. Going above 403.45 -It should carry move at least to 406-407- where finally we will look for a pause.
Trade active: 10:15 Hrs- IST-8th Sep2016 - Bang On Target -TS kissed 406-407 zone from a pullback of the 401 lows. Awesome
Trade active: 10:25 Hrs- 8th Sep2016- TS is thinking to take a pause in the zone 406-407- I am modifying a little bit going below 400 mark & sustaining below then only kindly think of having bearish bias otherwise -it can dip till 400-401 zone & can rally again.
Trade active: 10:50 Hrs-IST-8th Sep2016- TS puts a halt in uptrend at 408.55 . I expected a zone 406-407- Look for a bounce in the zone 406.50-407.50 -with stop strictly above 408.60- once can take short positions for target zone -400-401 & going & sustaining below 400 -We shall look for 388-390.
Trade active: 10:55 Hrs-IST- Going Below 404.50 also one can take selling opportunity for target zone 400-401 with strict stoploss above 408.60 incase TS does not bounce in the zone 406.50-407.50 for shorting opportunity- but be careful - Throw away your position if goes above 408.60- Day's High
Trade active: 12:00 Hrs-IST- 8th Sep2016 Bang On Target -Once Again- As expected we got the bounce 406.50-407.50 as per 10:55 Hrs update above. Session High was 407.70. We are in the sell call. Trail your stops at cost@407.50 to have zero risk & only gain- Going below 404.50 - It will start moving down to expected zone of 400-401 first
Trade active: 12:35 hrs-IST-8th Sep2016- TS falls & makes session low @403.30 - You can book 50% profit here at 405 & trail your stop at cost@407.50 -rest quantity or wait for 400-401 target but strictly put your stop at 407- incase looking to book at 400-401. Enjoy the Steel Journey
Trade active: 14:40 Hrs-IST-8th Sep2016- Let us book complete at 402.50 & wait outside for further clues
Trade active: 12:15 Hrs- IST-9th Sep2016 - Vow -It had a severe fall from got a beating from previous update@14:40 Hrs-IST-8th Sep2016
Trade closed manually: 12:40 Hrs-9th Sep2016
Closed shall come up with a new update-

We milked Tata Steel 10 bucks yesterday@8th Sep2016. First, Long position above 402 for target zone 406-407- Bang On

Then Selling with Strict Stoploss@308.60 - Target zone was 400-401 first & later it was 389-390- Its trading today@395

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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