Tata Steel: Showing signs of strength
Updated
Tata Steel
In my previous take I had suggested a Call short position given the set up at that time being bearish. That strategy played out well...
Now the stock is at same level, however, In the current set up,
- the stock is trading above 21 day EMA and 63 day EMA
- the stock has tested the time and so far is managing to stay above the May 2022 low
The stock is showing signs of strength.
- Once above 252 day EMA which is currently around 107, the stock can potentially move towards 113 / 118 / 122 (Time looks ripe for the stock to retest the red line of Resistance
Pattern gets invalidated if closing below the green line on weekly closing basis or for 3 consecutive days.
Take care & safe trading..!!!
Disclaimer
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
In my previous take I had suggested a Call short position given the set up at that time being bearish. That strategy played out well...
Now the stock is at same level, however, In the current set up,
- the stock is trading above 21 day EMA and 63 day EMA
- the stock has tested the time and so far is managing to stay above the May 2022 low
The stock is showing signs of strength.
- Once above 252 day EMA which is currently around 107, the stock can potentially move towards 113 / 118 / 122 (Time looks ripe for the stock to retest the red line of Resistance
Pattern gets invalidated if closing below the green line on weekly closing basis or for 3 consecutive days.
Take care & safe trading..!!!
Disclaimer
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
Note
Consider to book profits as per risk appetite or trail SL at 113
Take care and safe trading...!!!
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