amankavi
Short

Tata steel : Exhaustion gap and descending triangle (continuous)

NSE:TATASTEEL   TATA STEEL LTD
As mentioned in charts, Scrip might be feasible for short if both the patterns ( descending triangle continuous breakdown, exhaustion gap fill up) are seen with bears dominating the scrip
SL as per risk appetite
Intra-day
Comment: Idea still to be followed for near future if the scrip shows downtrend in anticipation of filling the gap..
Comment: Breakdown occurred due to NIFTY and metal stocks cracking down due to global factors..
However, One can see reversal owing to Piercing candle pattern at the end of downtrend in which
Second green candlestick should be below the low of the previous candlestick.
The second candlestick must close above the middle of the real body of the first candlestick.
Aiming for TP= 665, 668, 672, 675 if the trend supports
Entry above 657-658
Comment:

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