Hi friends sharing a view on Tata steel where i observed a horizontal trendline breakout of ascending triangle on weekly timeframe and it seems a good opportunity to go long in this stock where Tata steel relentless climbing continues as it achieves a milestone with a weekly breakout to an all time high and bulls rejoice as price defies the expectations of bears and scaling new heights with this significant breakout of 2.5 years old resistance.
So now we will talk about technical points which i observed as we can see price is moving in ascending channel since a long time where first took resistance from upper trendline of resistance in 2017 and after taken same resistance from that trendline in the year of 2021 but this time was way higher from previous top and now price breached that top of which it made in 2021 where it got rejected from rising trendline, And in this duration price formed an ascending triangle pattern after the previous all time high and the swing bottom which it made after that all time high. Used Super trend indicator with default settings for more confirmations of this breakout which provided by Trading View and for this thank you very much for them.
Target Upside-: So mates we can see that once again price will touch that upper trendline after this breakout which will be near about to 200 to 205 levels, One pattern based target identified too in which i measured triangle height which is nearly about 75% so we can see a more 75% upside from the breakout levels.
Support-: So now 138 levels seems a good support area where two big swing rejections are there this time can work as support on weekly closing basis.
Breakout Retest-: Well a retest is a good confirmation of breakout and often gives sustainability and strength to breakout so for this idea 148-145 i will consider as a breakout retest zone friends and personally breakout retest entries are my favorite strategy and for this trade i would like to the same.
This publication is meant for only learning purpose, it is not any kind of trading advice.
Best Regards- Amit (Do boost my publication if you really like it mates)
“Most traders take a good system and destroy it by trying to make it into a perfect system.” - Robert Prechter
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Breakout retest complete as per the description added in publication
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Hello traders yesterday i updated idea for retest and now after that successful breakout retest price reclaiming again that swing highs which it made after breakout and before retest of 148 levels and i marked one resistance after breakout too if price will close above we can see fresh momentum and more bullish strength for price
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Hello traders updating this publication as observed some technical points and got some messages for update this idea, So as we all know that nowadays market is not supportive for breakouts and for sustainability of up moves too so after this publication price retested it's breakout as mentioned in idea description and after break that swing high a after breakout but because of some selling pressure in market that moved was not sustained and it reached near to mentioned stop loss but not took stop loss and recovered very good from there as marked stop loss is a very strong support area and made a fresh base there too and price did not want to close below because particularly having bullish strength after breakout and yesterday and today reclaimed that breakout levels of 148 and closed above too so we can see a good turn around with the recovery of market. Hope for well and hope that it will not take stop loss mates. Thanks for reading and supporting my idea.
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Hello friends so as we can see that after published breakout at 155 levels got a breakout retest entry at 148 levels and after price made a swing top near 158 levels and now price breakout that swing top resistance and sustaining above i hope this resistance will act as a support and give more strength to published breakout, So far gained 10% from retest entry and moving in wanted direction will wait for some more upside for partial profit bookings. Hope you like this update thanks for reading and supporting my idea friends.
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Trailing Stop loss Update-: Price reached to 169.80 from 148 retest levels gained almost 15% so far so now from here i am taking 50% profit from all trading positions as considering that are good gains in less time span for rest i will move stop loss to cost. Next i will update only on targets , Thanks for reading and supporting my idea friends
Thank you for your valuable contribution to the TradingView community and keep up the good work!
AMIT-RAJAN
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@johntradingwick Thank you so much Moderator sir for motivation it is highly appreciated 🙏
AMIT-RAJAN
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Like my idea if you like my work friends
And you can share your views on Tata steel too here in comment box will help each other, Thanks in advance.
ashishgupta2384
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Can we enter now?
AMIT-RAJAN
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@ashishgupta2384 Mate we can share our ideas for learning and educational purpose i am not authorized to provide any buy sell recommendations hope you will understand, Good luck for your trading and investments thanks for supporting idea
Vjksingh
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Hi Sir, it gave a breakout last week but has reversed to 140s in this week. What is your view? Would there be any recovery in the coming weeks?
AMIT-RAJAN
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@Vjksingh Hello Sir, yes you are right that price trying to create a base near 140 levels and bouncing from there it's a good sign that it is bouncing from that support area which earlier was resistance so i assume we can see a good recovery from these levels the only needed thing is market stability which is missing after this publication
Thank you for your valuable contribution to the TradingView community and keep up the good work!