Tata Steel Ltd - Breakout Opportunity
Date: 26-Sep-2024
LTP: Rs. 165.61
Resistance Levels: (R1) Rs. 184 --> (R2) Rs. 210
Support Levels: (S1) Rs. 147 --> (S2) Rs. 142
Technical View:
•
TATASTEEL is in strong primary uptrend and was recently going through it's secondary downtrend within primary uptrend.
• After touching the high of 184.60 on 18-Jun-2024, it has retraced 23% to 142.35 level.
•TATASTEEL has breakout from it's secondary downtrend with higher than average volume. Breakout is also supported by increased volume in last few sessions.
•TATASTEEL is trading above both 20 DMA and 50 DMA since last few sessions.
• RSI is trading at 70.29. MACD is trading at 1.38. Both MACD and RSI are showing positive divergence.
• Looking good to start a new swing from here.
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Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
LTP: Rs. 165.61
Resistance Levels: (R1) Rs. 184 --> (R2) Rs. 210
Support Levels: (S1) Rs. 147 --> (S2) Rs. 142
Technical View:
•
TATASTEEL is in strong primary uptrend and was recently going through it's secondary downtrend within primary uptrend.• After touching the high of 184.60 on 18-Jun-2024, it has retraced 23% to 142.35 level.
•
TATASTEEL has breakout from it's secondary downtrend with higher than average volume. Breakout is also supported by increased volume in last few sessions.•
TATASTEEL is trading above both 20 DMA and 50 DMA since last few sessions.• RSI is trading at 70.29. MACD is trading at 1.38. Both MACD and RSI are showing positive divergence.
• Looking good to start a new swing from here.
Like the analysis? Boost/Like this idea and follow my ID.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
Disclaimer
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