NeeteshJain

Tata Steel Breaking Out Trending Channel

Long
BSE:TATASTEEL   TATA STEEL LTD
Tata Steel ranging and trading in a uptrending channel as marked with Purple on chart. I believe today's closing shall determine further movement of price action in it. If the price action closes above 406 levels then we might see further rally as buyers confirmed strength and pressure and shall take prices further up. In case it closes below 404 levels then we might see profit taking next day that might take down the price litte lower before a solid breakout on either side.

I believe it shall break above the trending channel as CNX Metal also looks bullish .

Comments

most of the stocks touched their long time resistance levels 2-4 days ago, think some foul play was on the way looking at the gap down opening today. thanks for ur pedictions nice charts.
+1 Reply
Rightly said, some stocks did play a foul play at major resistance levels.
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its broken the upward channel..........
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What about MACD? MACD Crossover doesn't it mean Bullish sign? But it's reversed.
Asking just for Learning Purpose. If you can enlightened me... Thanks.
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Allmost on downside touched the tredline can long enty be taken, post ur views.
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