NeeteshJain

Tata Steel - Bearish Bat Pattern

Short
BSE:TATASTEEL   TATA STEEL LTD
It is been observed that the price action formed a harmonic pattern called Bat Pattern indicating bearishness and a counter trend trade opportunity. It is a low risk trade as the price action has already reached to the previous resistance levels at 406. Now if the price action breaks and close above the previous resistance levels of 406 then we shall continue to rally up but incase we see some selling pressure at resistance then the price action shall retrace back to 38.2% Fibonacci levels at 388 levels.

Target: 388
Stoploss: 410
Risk Reward: 1:4
Trade closed: stop reached: Stops triggered and the price action breaks the resistance levels, it shall now move further to 435 levels.