Few observations on Tatasteel weekly chart.
1. TS is moving in an upward weekly channel and gave a rejection at channel resistance.
2. It has a made a high near 572 , where weekly resistance zone is around 570 - 575 level.
3. It is forming a spinning top candle on July month's candle. Although 31st July close needs to be checked for that :)
- Quarter results are yet to be declared, in the last quarter it gave super bullish move.
- Longs can be initiated above 575 level.
- Positional short can be created with the stop loss of 575 for the targets 525, 509, 490 zones where bullish correction can take place.
Kindly share your view on it.
1. TS is moving in an upward weekly channel and gave a rejection at channel resistance.
2. It has a made a high near 572 , where weekly resistance zone is around 570 - 575 level.
3. It is forming a spinning top candle on July month's candle. Although 31st July close needs to be checked for that :)
- Quarter results are yet to be declared, in the last quarter it gave super bullish move.
- Longs can be initiated above 575 level.
- Positional short can be created with the stop loss of 575 for the targets 525, 509, 490 zones where bullish correction can take place.
Kindly share your view on it.
Comment:
As per 3rd point Tatasteel did not make spinning top candle. However it is facing resistance between 570- 575 zone.