Arun_000

TATASTEEL - PULLBACK ON LOW VOLUME

NSE:TATASTEEL   TATA STEEL LTD
NSE:TATASTEEL

  • TATASTEEL OVERALL OUTLOOK REMAINS BULLISH
  • ON 17TH NOV,PRICE OPENED GAP UP AND FORMED A STRONG BULLISH CANDLE WITH HUGE VOLUME
  • BUT AFTER THat PRICE STRUGGLED TO MOVE HIGHER, VOLUME ALSO ON DECLINING SIDE
  • AFTER WHICH PRICE STARTED TO RETRACE ,AT FIRST WITH EXPANDING VOLUME ,THEN ON EXTREMELY LOW VOLUME
  • THERE ARE TWO POSSIBLITIES,EITHER
    >>>>> PRICE GRADUALLY MOVE DOWN ON LOW VOLUME AND TAKE SUPPORT AT 495 -502 ZONE (PREVIOUS GAP) BEFORE MOVING HIGHER (or)
    >>>>> PRICE COULD TEST THE RESISTANCE (RECENT HIGH) FOR SOME TIME BEFORE MOVING HIGHER ON VOLUME EXPANSION