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amankavi
Sep 18, 2017 11:51 AM

Tata steel : Exhaustion gap and descending triangle (continuous) Short

TATA STEEL LTDNSE

Description

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

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