TataSteel- Target Reached 378-379 -Below 375 Be Ready To Puke

Aug 30, 2016

The current bounce from 367.30 to 379.20 has retraced 38.2% of the fall from 394.65 to 367.30. Likely we should now be ready for the strongest move downside if TS goes below 375 & also falls below 370. Going below 375 & taking support just above 370 -one should book profits & flip your your position in buying above 370 with stop slightly below 370 but remember going below 370- its a recipe for puking. So, don't try to hold your long positions once it starts dipping below 370- in fact be in the Bear camp you will enjoy.

Regards,
Abhishek H. Singh, CMT