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Tata Steel: May offer a better buy price

NSE:TATASTEEL   TATA STEEL LTD
268 17 11
The stock moved out of the triangle pattern on the hourly chart, made a high of 525.65 and has been consolidating since then.

On the hourly chart the price action is indicating that the stock might pullback below 521 level before continuing the up move.

Reasons being:
1. Lot of volume effort at the 521-526 level with little action on the upside.
2. Secondly, stochastics has been showing signs of divergence.

I would rather wait for the pullback and confirmation signal before buying near 505-515 zone.

#One has to be careful as the stock pulls back deep into the patterns or the ranges from which it breaks out (means wider SL needed if buying).

This is just an analysis and not an investment advice.
Analysis on hourly time frame means it is for short to medium term.

Thanks



Comment:
Touched the upper end of the mentioned pullback zone 505-515
Comment:
Comment:
Comment: Post entry analysis:

Stock moved on expected lines. It pulled back to break level; went deep into the break pattern as warned and reached in to 505-515 zone.
It gave a bullish entry pattern along with divergence and bounced sharply after that.

521 target is already hit, expect some pullback again before the upmove continues.

Always follow price action, indicators are just for added confirmation only.

Comment: Learn how to trade pullbacks

Comment:
Comment: Hit the target

Comment: This post will not be followed anymore because of less interest by the followers.
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Good one.
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@vanathi, Thanks
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vanathi Bravetotrade
@Afraidtotrade, Posting ideas improve your own technical analysis. Dont bother about others.
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@vanathi, TA will be done of course, but in the background..leaving this post not the stock :)
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vanathi Bravetotrade
@Afraidtotrade, I follow your ideas :)
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@vanathi, No fun in posting if someone is not watching.
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vanathi Bravetotrade
@Afraidtotrade, You have joined here one month before only. For one month of writing, you are doing very good.
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@vanathi, Highly appreciate that..good people always remind us our strength as well as weaknesses.
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vanathi Bravetotrade
@Afraidtotrade, We can even convert our weakness as strength :)
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