vanathi
Long

Tatasteel says I am made up of Steel...

NSE:TATASTEEL   TATA STEEL LTD
240 views
12
240 7
Tatasteel is making ascending broadening wedge in daily chart . Broadening wedges can provide good risk and reward trades. We need higher highs and higher lows in a small range for the formation of broadening wedges .Upper trend line should rise more steep than the lower trend line . On closing above the upper trend line of the broadening wedge price moves faster. Tatasteel is good for buy in dips strategy. Keep it in watchlist. I will update when I find entry level.
Does your technical analysis show that today close is good for considering the ride on T Steel ??
Please advise your views on entry and exit
Regards
Shivakumar
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@vanathi
good to accumulate on dips
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vanathi sivasumk
@sivasumk, Thank you for sharing your view with chart...
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may be i wrong ....
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@shiv_n, Your chart is correct. But if the wedge is going to break means price wont close below 484. Thank you for sharing the chart...
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loud speaker pattern\expanding triangle but rsi is showing triple top divergence
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vanathi bearishbull1968
@bearishbull1968, Broadening wedge has another name as loud speaker pattern. Makes easy to remember the pattern. Thank you for sharing it here. I will comment about RSI after seeing the price action.
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