TataSteel, one of the largest metal company of India, was in a steep downtrend since almost a decade. It hits high of 1048 in October 2007 and then we saw lots of ups and down in the counter. It hit another high of 579.90 in June 2014 and again it went down to touch the bottom of 199.70. Th counter started fresh upward movement in September 2015 after making a double bottom
on daily charts
. We identified the counter at around 220 and confirmed the upward movement. The immediate buy call was given and the call still continue, rather further strengthened with the strong and affirmative breakout of long term trend line
on monthly charts in last month.
The up trend is confirmed and the stock started northward journey to achieve new horizons. We hope for the targets of 600 in six month to 1 year horizon. So, investors are advised to long the stock in cash segment and tighten the belts for a wonderful joy ride...
Even after achieving targets of 600, the counter can be followed for new highs in current upward movement with dynamic SL.
Trend is Friend...